CBRE Brokers $21.6M Sale of Miami Beach Hotel & Spa

MIAMI BEACH, FLA. — CBRE’s hotel and capital markets multifamily divisions have brokered the $21.6 million sale of Canyon Ranch Hotel and Spa at 6801 Collins Ave. in Miami Beach. Z Capital Partners LLC purchased the asset via a bankruptcy auction. The United States Bankruptcy Court Southern District of New York approved Z Capital Partners as the buyer. The private equity firm plans to reposition the asset into a five-star hotel called the Carillon Hotel and Spa, which will consist of 150 rooms. The hotel features 750 feet of beachfront and is located adjacent to L’Atelier, a 20-story condominium tower currently under construction. The new hotel will be managed by a new joint venture consisting of Z Capital; Adrian Zecha, founder of Amanresorts and GHM Hotels Ltd.; and Jonathan Breene, developer and creator of The Setai, South Beach.