Up Front
Ritz CarltonCondominiums undergo name change
The Ritz-Carlton, Grand Cayman has announceda change of name for part of its development project, formerlycalled the Condominiums at the Ritz-Carlton, which will now beknown as the Residences at the Ritz-Carlton.
The change is a part of a new comprehensiveapproach by the Ritz Carlton Corporation, to better identify thisspecial component of the Ritz lifestyle.
"This Residence theme is being usedin all Ritz Carlton projects with a residential component,"stated Mr. Jim Vale, Sr. Vice President of the Ritz Carlton Corporation,during his recent visit to Grand Cayman.
Although the first Ritz-Carlton hotel backin 1923 included a residential tower, it was only since the inceptionof the Ritz Carlton's Grand Cayman project that similar residentialconcepts have been incorporated in modern times. Ritz CarltonResidences have since been incorporated in other projects in Boston,Massachusetts; in New York City; Key Biscayne; Sarasota; CoconutGrove and Naples, Florida.
The Ritz-Carlton, Grand Cayman will consistof a 366-room hotel and 71 residences directly on Seven Mile Beach.The $350 million upscale hotel and resort project recently receivedfinal planning approval from the Central Planning Authority.
The approval of $105 million in financingby The Royal Bank of Scotland, was celebrated recently with thebank's representatives and the developers on the 21st of March.This funding completes the debt portion of the first phase ofthe project, which is slated to cost some $230 million.
Phase One will include all of the hotel,residences and the spa, conference facilities and related amenitiesand a Greg Norman nine-hole golf course.
Phase Two, to be completed in phases upto 2005 will include 250-315 villas and approximately 12 largerresidences.
The developers have confirmed that - withall approvals, permits and financing completed - contracts arepresently being negotiated with international and local contractors.Full mobilization has commenced, and it is anticipated that itwill take three to four months to activate all the necessary equipment,supplies and manpower for a project of this magnitude. It is anticipatedthat at its peak, the project could employ up to 900 workers.
Local tourism and real estate interestsare confident that the Ritz-Carlton project will be an appealingand beneficial addition to the Islands' resort properties, atthis turn of Cayman's economic cycle.