Chicago private equity firm Z Capital Partners emerged as the winning bidder in the bankruptcy auction of Miami Beach’s Canyon Ranch Living Hotel & Spa.
Z Capital won the auction with a $21.6 million bid, easily outbidding Montreal-based stalking horse 360 Vox LLC, which entered a $12 million bid. Z Capital’s bid covers the $17.3 million in estimated liabilities in the Chapter 11 case of several Lehman Brothers affiliates.
A bankruptcy judge in New York is slated to approve the auction results on Sept. 12, according to the South Florida Business Journal.
The Lehman affiliates took ownership of the 580-unit complex at 6801 Collins Avenue through foreclosure in 2009. It still owns 13 unsold units and the hotel’s common area, which includes a spa, swimming pools, retail space and a gym. [South Florida Business Journal] — Eric Kalis