Ritz brand to remain despite hotel auction

(CNS Business): It is business as usual at Cayman’s only five-star resort, the Joint Receivers at the Ritz-Carlton said Tuesday, despite the fact that the hotel is on the auction block. KMPG, appointed by the new owners of Cesar Hotelco (Cayman) Ltd, CondoCo Grand Cayman Resort Ltd, Cesar Properties Ltd and CondoCo Properties Ltd, the companies seized from the developer by RC Cayman Ltd, said the sale would include the long-term management agreement with The Ritz brand. Next month’s auction was described by the firm as “part of the process” for the lender to recover its debt and will have no impact on the hotel and the guest experience. Read more on CNS Business