RC Cayman Holdings – an affiliate of Five Mile Capital Partners LLC of Stamford, Connecticut – bought the Ritz-Carlton Grand Cayman at a public auction held this morning (31).

RC Cayman Holdings met the reserve price of US$177.5M for the property.

Rick Finlay of Conyers Dill & Pearman, RC Cayman Holdings’ Cayman representative, said after the auction, “”With this sale, only the underlying ownership of the property changes; the resort will continue to be operated as before, and by the same management structure. It’s a very satisfactory outcome, given the long-standing uncertainty surrounding the Ritz-Carlton, Grand Cayman resort.”

The property was sold as a block and includes the 136-acre resort, the nine hole Blue Tip golf course and future development land.

See iNews Cayman’s weekend edition for an in depth story concerning the Ritz-Carlton.