RC Cayman buys Ritz-Carlton at own auction

CNS Business): RC Cayman Holdings LLC secured ownership of the Ritz Carlton-Grand Cayman Resort Wednesday after the highest value real estate auction in the history of the Cayman Islands. The company which had seized ownership of the hotel from developer Michael Ryan bought the hotel at its own auction meeting at the reserve price of US$177.5 million, which it had set reduced from an earlier price of $250 million.The property was sold as a block, including the 136 acre resort with the nine-hole Blue Tip Golf Course and future development land. In a release, the new owners said they were committed to maintaining and enhancing the status of the resort as a world‐class destination. Read more and comment on CNS Business.