Z Capital acquires luxury hotel for flagship of new five-star hotel flag
Miami Beach, FL – January 16, 2015 – CBRE Hotels and CBRE Capital Markets, Multifamily have arranged the marketing and sale through bankruptcy auction of the Canyon Ranch Hotel and Spa at 6801 Collins Avenue in Miami Beach, FL. Private equity firm Z Capital Partners, LLC was approved by the United States Bankruptcy Court Southern District of New York as the successful bidder in the auction process. Z Capital, which acquired the property for $21.6 million, intends to transform it into a new five-star hotel venture called the Carillon Hotel and Spa. The property will be managed by a new joint venture created by Z Capital, together with Adrian Zecha, founder of Amanresorts and GHM Hotels, Ltd, and Jonathan Breene, developer and creator of The Setai, South Beach. For more information, visit www.carillonhotel.com/.
CBRE Hotels also arranged the sale earlier this year of the property adjacent to the Carillon Hotel and Spa, on which new owners SMG/Shamrock and W Capital of Miami Beach are building “L’Atelier,” an ultra-luxury, 20-story tower with 20 trophy residential units and interior design by HOLLY HUNT.
“Such expansive and modern beachfront destinations do not come to market very often. This was an exceptional opportunity to acquire a signature resort in one of the world’s premier hospitality markets, and we are looking forward to seeing Z Capital further build on this property’s iconic, elegant and world-class status with its new vision for the Carillion Hotel and Spa,” said Christian Charre, CBRE Hotels Senior Vice President.
“Combined with the adjacent development of the Golden Sands, this part of Miami Beach is quickly becoming a destination unto itself for tourist and residents seeking luxury amenities,” said Robert Given, Vice Chairman of CBRE Capital Markets, Multifamily.
With the hotel tower built in the signature 1950s “Miami Modern” style, the Carillion Hotel and Spa is a luxury, 150-room condo/hotel property located on 750 feet of beachfront. The lushly appointed facility features beachside accommodations and one of the largest wellness centers in Florida.
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of more than 150 dedicated hospitality professionals located in 37 offices across the globe. For more information, please visit our website at www.cbrehotels.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.