An Illinois-based private equity firm reportedly won Bankruptcy Court approval to take over Canyon Ranch Hotel & Spa in Miami Beach — including the right to run hotel operations.
Z Capital Partners bid $21.6 million in August, and will have control over the hotel’s 13 unsold units, the hotel’s common area, spa, pools, retail spaces and gym, the South Florida Business Journal reported. Condominium associations opposed the auction’s results and had filed a lawsuit against the bankruptcy debtor.
“With our proven team of operators, led by Z Capital Operating Partner Thomas Wicky, and our strategic partnerships in luxury hotel management and development, we will create an unrivaled property and to showcase our brand and luxury offerings for future portfolio additions around the world,” president and CEO James Zenni said in a news release. [South Florida Business Journal] — Katherine Kallergis