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U. S. owner of $250 m loan seeks to take control of The Ritz-Carlton, Grand Cayman development

February 28, 2012 by David Marchant

HIGHLIGHTS

  • U. S. firm seeks order restraining Cesar Properties Ltd., Condoco Grand Cayman Resort Ltd., Michael Ryan, Frances Doud, and Tony Haddad from "interfering with" its take-over
  • Delaware-domiciled RC Cayman Holdings LLC owns loan originally issued by The Royal Bank of Scotland
  • Developer Mike Ryan assures guests and property owners they will not be affected by the litigation
  • "It is hoped and expected that an agreement between the parties to resolve this matter will be concluded in the near future," says Ryan

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The United States-based owner of a $250 million loan is attempting to take control of The Ritz-Carlton, Grand Cayman luxury resort in the Cayman Islands from developer Michael Ryan, OffshoreAlert can reveal.

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