Canyon Ranch could be sold through bankruptcy

Miami /
Jun.June 03, 2014 10:30 AM

A Lehman Brothers Holdings subsidiary and three other companies filed for Chapter 11 bankruptcy protection for their Canyon Ranch Living Hotel and Spa in Miami Beach.

The voluntary filings were made in U.S. Bankruptcy Court for the Southern District of New York on Sunday. A sale of the hotel property and 13 condos could be imminent, however. Spirits, the Lehman subsidiary, already filed a motion to pursue the sale and announced in a written statement that it has a willing buyer.

A stalking horse bidder, 360 Miami Hotel & Spa, entered into an agreement with Spirits to buy the property and condos for $12 million, according to GlobeSt. If no other bidders emerge and the sale closes, Enchantment Group would take over management of Canyon Ranch.

The Canyon owners almost sold the property and units earlier this year, but litigation with condo owners scuttled the transaction. Canyon Ranch Living, which manages the hotel for the owners, says operations would not be impacted by the bankruptcy proceedings. [GlobeSt]Eric Kalis


Related Articles

arrow_forward_ios
830 Brickell and the co-developers Cain's Jonathan Goldstein and Vlad Doronin (Getty, OKO Group / Cain International)
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Tech entrepreneur pays $8M for Continuum South Beach condo
Tech entrepreneur pays $8M for Continuum South Beach condo
Tech entrepreneur pays $8M for Continuum South Beach condo
Ex-Miami Dolphins defensive end Andre Branch with the $6 million property (Getty, The Jills Zeder Group)
Ex-Miami Dolphins player sells non-waterfront Miami Beach home for $6M
Ex-Miami Dolphins player sells non-waterfront Miami Beach home for $6M
Renderings of 3017 Flamingo Drive and Andrew Lessman (D/Vice Inc., ProCaps Laboratories)
Vitamin mogul Andrew Lessman wins approval to build Miami Beach mansion
Vitamin mogul Andrew Lessman wins approval to build Miami Beach mansion
After the construction of Eighty Seven Park (Google Maps)
Before Surfside tragedy, neighboring tower faced opposition, delays over construction impact
Before Surfside tragedy, neighboring tower faced opposition, delays over construction impact
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Jennifer Valoppi and Christian de Berdouare with 5004 North Bay Road (Getty, LPG/Douglas Elliman)
Flying the coop: Chicken Kitchen owner sells waterfront Miami Beach spec mansion for $30M
Flying the coop: Chicken Kitchen owner sells waterfront Miami Beach spec mansion for $30M
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...