Archive for October 17th, 2012
Ritz Carlton resort in slash down sale
(CNS Business): The reserve price for the sale of the Ritz-Carlton-Grand Cayman has been slashed from US$250 million to US$177.5 million, according to documents from Eastdil Secured Ltd, the specialist firm holding the auction later this month. The five-star resort is set to go under the hammer as RC Cayman Holdings LLC seeks to recover a debt owed to the firm by the previous companies, formerly owned by Michael Ryan, that it seized earlier this year through legal action. However, the reserve price has been cut by around 30% and falls short of the total outstanding loan amount of US$234 million plus interest, which it purchased for an undisclosed sum in May 2011 before calling in the debt. Read more on CNS Business
Woman hit by car on road shoulder
(CNS): A woman has been taken to the Cayman Islands hospital in George Town after she was hit by a car as stood by the side of Shamrock Road close to Corella Drive in the Beach Bay area this evening. The incident occurred at about 5: 40 pm on Tuesday 16th October a spokesperson for the RCIPS revealed. Police did not say how severe the woman’s injuries are or if the driver remained at the scene of the accident but anyone who witnessed the road collision is asked to contact the Bodden Town Police Station at 947-2220