Five Mile Capital to sell Ritz

| 10/04/2016 | 0 Comments
CNS Business

Ritz-Carlton, Grand Cayman

(CNS): The company which bought the Ritz-Carlton, Grand Cayman from the developer Micheal Ryan in 2012 is planning to sell the five-star resort. Five Mile Capital Partners LLC has decided to list the 356-room hotel and 136-acre property, and according to local real estate brokers, it is in the early stages of marketing the five-star resort. Five Mile Capital bought the hotel at auction for $177.5 million but it was also at the time one of Ryan’s creditors. The owners completed a multi-million-dollar renovation of the hotel last year and the hotel has been rated by some critics as one of best hotels in the Caribbean.

Last year, when the hotel celebrated its tenth anniversary, it unveiled an 8,000 square-foot penthouse suite (19,000 square-feet if the terrace is included), which is the largest in any hotel in the region. The luxury suite comes with numerous amenities, including a private elevator, a cinema, a personal assistant and access to a private beachfront cabana and costs about $40,000 per night in peak season.

Tags:

Category: Stay-over tourism, Tourism

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