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Saturday, August 23, 2014
Canyon Ranch in Miami Beach draws $22M winning bid in bankruptcy auction
A Chicago-based private equity firm submitted the winning bid for part of the Canyon Ranch Hotel & Spa in Miami Beach in a bankruptcy auction.
Z Capital Partners won the Aug. 19 auction with a bid of $21.6 million, which was well above the stalking horse bid of $12 million by Montreal-based 360 Vox LLC. It would also be enough to repay the estimated $17.3 million in liabilities in the debtors’ case.
The results of the auction will be up for approval on Sept. 12 before Bankruptcy Judge Shelley C. Chapman in New York.