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Conyers Dill & Pearman provided Cayman Islands advice to Cayman Hotel Holdings Ltd., a subsidiary of Five Mile Capital Partners LLC (“FMC”), pertaining to the US$130 million refinancing of the Ritz-Carlton Grand Cayman property.
FMC is an alternative investment and asset management company which specializes in investment opportunities in real estate, debt products, structured finance, asset-based lending and financial services private equity with investments in major properties in the United States and the Caribbean. The Firm’s headquarters are based in Stamford, Connecticut with an office in New York City. FMC has approximately $2 billion in assets under management. In a series of discounted purchases from June 2008 to June 2011, FMC acquired three tranches of a first mortgage secured by the 5-star Ritz Carlton Grand Cayman. Upon default of the debt, an affiliate of FMC, as special servicer, managed the foreclosure process and FMC was the successful bidder at the foreclosure auction.
The property is situated directly on Grand Cayman’s Seven Mile Beach and consists of 365 rooms (including 65 condo hotel rooms), 16 unsold residential condominium units, 38 acres of land for mixed use development, and amenities that include a world class tennis center and a 9-hole Greg Norman designed golf course (Blue Tip). The property is on Conde Nast’s Gold List of the World’s Best Hotels.
This transaction involved the re-financing of the Ritz-Carlton Grand Cayman property by its new owners. The transaction involved eight firms of attorneys representing the varied interests of the parties. It also involved the Cayman Islands’ largest employer as the borrower, and involved many local issues as well as cross-border financing issues (e.g. the priority ranking of obligations to employees was an important consideration).
The Conyers’ team of lawyers was made up of Kevin Butler, the partner in charge, Olivaire Watler, leading the advice, as well as Hilary Brooks, Tania Dons, Richard Fear and Jonathan McLean. Conyers worked alongside Dechert LLP, Haynes and Boone LLP and Holland & Knight on this matter.