Ryan turns attention to North Sound golf club

| 20/04/2012

golf%20north%20sound.jpg(CNS):The former owner of the Ritz Carlton, Grand Cayman appears to have turned his attention to the North Sound golf club in the wake of a number of legal difficulties. Michael Ryan has announced the start of a renovation project and improvement plan at the club and that the membership programme would soon be restarted. Ryan, who is facing several law suits as a result of action by a major creditor in connection with the development of the Ritz, said he had been working for some time to keep the islands only 18-hole course open. Last November members received letters from the manager stating that the club was not renewing memberships, fueling speculation that the club was in trouble and up for sale.

The club, which is now owned by one of another collection of companies established by Ryan and other investors as part of the Dragon Bay development, is located at Safehaven.

“We have long recognized the need for golf to be an integral part of what Grand Cayman needs to offer, both to its residents and as an essential element of our tourism offering,” Ryan said in a release from the club, where he is understood to now be based since leaving the offices he had on the Ritz Carlton site.

“We have worked for many years to find a viable way to keep the course open and we have been seeking the necessary support to make this happen. With all the challenges the islands are facing I am pleased that we are able, not just to announce that the course will be remaining open, but also that we will be expanding our commitment through the implementation of a renovation and improvement program.”

The former hotel owner said that the club wanted to welcome “loyal members back” to the course, which is run by PGA golf professional Jason Deerwester, but also attract new members “and show everyone that our commitment is for the long-term,” he said.

Ryan lost control of the Ritz Carlton last month when RC Cayman Holdings LLC, the secured lender to the companies involved in the development of the resort, took legal action against Ryan and appointed receivers for Cesar Hotelco (Cayman) Ltd, CondoCo Grand Cayman Resort Ltd, Cesar Properties Ltd and CondoCo Properties Ltd, which were all involved in the Ritz project and connected to Ryan. RC Cayman is now the owner of a loan that Ryan originally took out with RSB, which he used to build the five star resort.

Despite the mounting legal issues relating to the hotel, as he has also been accused of misappropriating funds from the companies seized by RC Cayman, Ryan has said he is staying on the island and still has hopes that he can develop the planned Dragon Bay resort project.

Ryan recently claimed that he was no longer responsible for a $6 milllion debt owed to the Cayman government on outstanding duty payments on materials imported for the development of the hotel.

Category: Local News

Comments (8)

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  1. Knot S Smart says:

    How about if I sign a MOU with Mr. Ryan whereby I lend him the 6 million to pay the duties, in exchange for all the details about the two alleged condos…

  2. Anonymous says:

    Maybe Mac will get lifetime membership :as he will be the only invester Ryan will get!

  3. EYE ON THE ISLAND says:

    Mr. Ryan, please give us our five million now.

  4. SKEPTICAL says:

    Horseshit – if you were a Banker / Private Equity Group / Venture Capital Group, would you risk lending Capital to this man, to complete the Dragon Bay development. And if you were a potential purchaser of one of the houses, would you risk your own money – in the hope that it would eventually be COMPLETELY finished – I don’t think so.

  5. Anonymous says:

    more than ever i am now worry for north sound…..

  6. In Perso Nator says:

    Seriously folks? I mean really? Fool me once, fool me twice but at di point, we really are the fools here…