By Gay Nagle Myers

The Ritz-Carlton Grand Cayman on Seven Mile Beach will go on the auction block Oct. 31 with a minimum opening bid of $240 million.

The resort’s lender, RC Cayman Holdings LLC, filed a court order last spring for immediate payment of $234 million from owner and developer Michael Ryan.

The sale will include the 365-room hotel, a number of high-end condominium units and some vacant land near the hotel. It will not include the adjacent Blue Tip nine-hole golf course.

Any sale would include a long-term management agreement with Ritz-Carlton.

“The transition to new ownership will not impact the guest experience or the resort operations in any way,” Ritz-Carlton said.

The property opened in 2005 with much fanfare and heavy hitters from the culinary (chef and restaurateur Eric Ripert), sports (tennis coach Nick Bollettieri), spa (La Prairie) and environmental (marine explorer Jean-Michel Cousteau) circles.

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