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Lehman Subsidiary Commences Voluntary Chapter 11 Proceeding for Canyon Ranch Living Miami Hotel; Seeks to Conduct Auction and Sale Under Section 363
[June 01, 2014]

Lehman Subsidiary Commences Voluntary Chapter 11 Proceeding for Canyon Ranch Living Miami Hotel; Seeks to Conduct Auction and Sale Under Section 363

NEW YORK --(Business Wire)--

FL 6801 Spirits LLC, a wholly owned subsidiary of Lehman Brothers (News - Alert) Holdings Inc. ("Lehman"), and three of its wholly owned subsidiaries (collectively "FL Spirits") have elected to file voluntary Chapter 11 petitions today in the United States Bankruptcy Court for the Southern District of New York (the "Court") seeking bankruptcy protection for its condominium hotel property in Miami Beach that is operated and managed as a Canyon Ranch Living Hotel and Spa.

FL Spirits has also filed a motion to pursue a sale process under Section 363 of the Bankruptcy Code. To this end, FL Spirits has entered into an acquisition agreement with a "stalking horse" bidder, 360 Miami Hotel & Spa LLC. Upon a successful closing of the transaction, the project will be managed by the Enchantment Group, a premier operator of award-winning resorts and destination spas, including Mii amo, a destination spa at Enchantment Resort. Under the proposd agreement, the purchaser will acquire the hotel lot (including the spa) and 13 condominium units for $12 million subject to higher and better offers. The sale agreement contemplates a Court-supervised auction process, which is designed to achieve the highest or best offer for FL Spirits' assets. The agreement with the purchaser sets the floor, or minimum acceptable bid, and is subject to Bankruptcy Court approval and certain other conditions.

The current operator of the hotel, Canyon Ranch Living, is not a debtor, and operations at the property are expected to continue without interruption, during and after any court-approved sale and closing. Canyon Ranch Living is not affiliated with Lehman and is managing the hotel and condominium facilities pursuant to a management contract.

The court filing related to the petition and sale process can be found at (Docket #14-11691).

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