Business

July 3, 2014

Bankruptcy auction set for Canyon Ranch

The Canyon Ranch Hotel & Spa could be sold at a bankruptcy auction next month — or could go to a “stalking horse” bidder who has already struck a deal if no one steps up with a better offer.

The Canyon Ranch Hotel & Spa could be sold at a bankruptcy auction next month — or could go to a “stalking horse” bidder who has already struck a deal if no one steps up with a better offer.

Portions of the resort at 6801 Collins Ave. in Miami Beach are being marketed for sale by CBRE Hotels, including retail space; 13 condo units, townhomes or condo-hotel units; a spa; four pools; restaurants and lounges and other common spaces.

The owners of the property, subsidiaries of Lehman Brothers, filed for Chapter 11 bankruptcy last month. An agreement has been worked out with stalking horse bidder 360 Miami Hotel and Spa LLC to purchase the available parts of the hotel for $12 million.

Others interested buyers have until the afternoon of Aug. 14 to make an offer. If that happens, an auction is scheduled for the morning of Aug. 19 in New York.

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