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