U.S. Bankruptcy Judge Paul G. Hyman approved an auction bid of $12.2 million for the Inverrary Vacation Resort in Lauderhill.
Three defendants in a foreclosure lawsuit – Inverrary Resort Hotel Condominium Association, Nirvana Inverrary Lofts and Alrames S.A. de C.V. Corp. – filed to reorganize through Chapter 11 bankruptcy in May 2016 while the lawsuit was pending.
GranVita 2 LLC, managed by Toronto-based Luis Navas and Maria Navas, submitted the winning bid for the Inverrary Vacation Resort that Judge Hyman approved. Ten-X conducted the auction from Tuesday through Thursday.
GranVita 2 LLC also acquired a $6.38 million first mortgage secured by the resort property from an affiliate of Miami Beach-based Safe Harbor Equity Managers.
Inverrary Vacation Resort, developed in the 1970s, includes a 207-room hotel, 30 tennis courts and a 23,573-square-foot clubhouse. The hotel at 3501 Inverrary Boulevard in Lauderhill incurred a net loss of $608,019 on $1.14 million of revenue from January through April, according to Chapter 11 bankruptcy trustee Maria Yip. [South Florida Business Journal] – Mike Seemuth