In December 2014, the United States Bankruptcy Court for the Southern District of New York approved Lehman Brother’s sale of its condominium hotel property in Miami Beach to Z Capital Partners. Canyon Ranch managed the hotel up until the closing of the sale under a management contract with Lehman Brothers.
“We thank the guests and condominium owners for their loyalty and support of Canyon Ranch Living and Canyon Ranch Hotel and Spa in Miami Beach,” said Jerrold Cohen, Chief Executive Officer of Canyon Ranch. “We would have loved to continue providing our health and wellness services in Miami Beach, which in 2014 was recognised by Travel + Leisure as one of the world’s best destination spas. The sale was part of the unwinding of Lehman’s assets required to meet its obligations to its creditors from its 2008 bankruptcy, and was not within our control. We invite those who experienced the Canyon Ranch lifestyle in Miami Beach to visit our other health and wellness resorts and to look for announcements of future locations which will continue to provide the Ranch’s unique experience – an experience that we have been offering and enhancing for the past 35 years.”
Lehman’s sale of the property and Z Capital Partner’s decision to not enter into a management agreement with Canyon Ranch have no effect upon any other Canyon Ranch location or upon Canyon Ranch’s expansion plans either domestically or abroad. Canyon Ranch is one of the world’s leading health and wellness brands, and the originator of lifestyle and wellness resorts. Canyon Ranch stands for a level of quality and service unparalleled in the industry.
Canyon Ranch operates award-winning destination resorts in Tucson, Arizona and Lenox, Massachusetts. Canyon Ranch also operates a number of SpaClub locations. These are located at The Venetian and The Palazzo hotels in Las Vegas and on various cruise ships including Cunard’s Queen Mary 2, Regent Seven Seas and Oceania Cruises as well as aboard the ships that make up Celebrity Cruises. In June 2014, Canyon Ranch announced the development of Canyon Ranch Bintan to bring its integrated health and wellness approach to residents of Southeast Asia.