MIAMI—Canyon Ranch Hotel and Spa has traded hands through a bankruptcy auction for $21.6 million. The United States Bankruptcy Court Southern District of New York approved private equity firm Z Capital Partners as the successful bidder in the auction process.
Z Capital plans to transform Canyon Ranch Hotel and Spa into a new five-star hotel venture called the Carillon Hotel and Spa. It is located at 6801 Collins Avenue in Miami Beach, FL.
Spirits, a wholly owned subsidiary of Lehman Brothers Holdings, filed Chapter 11 bankruptcy protection for Canyon Ranch in June 2014. As GlobeSt.com reported last summer, the project was still under construction when the failed investment bank picked it up through a deed in lieu of foreclosure in 2009.
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