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Z Capital completes purchase of Canyon Ranch Miami Beach
Z Capital Partners on Wednesday completed its acquisition of Canyon Ranch Hotel & Spa in Miami Beach, now the Carillon Hotel & Spa.
In a letter emailed to residents last week, obtained by The Real Deal and confirmed in a statement Thursday, the private equity firm announced new management for the resort, located at 6801 Collins Avenue. The joint venture between Adrian Zecha, founder of Amanresorts and GHM Hotels, and Jonathan Breene, developer and creator of the Setai South Beach will take over management. Z Capital’s Thomas Wicky, who previously managed The Breakers, will lead the joint venture.
[vision_pullquote style=”3″ align=””] “Retaining Canyon Ranch at this property was not a viable option.” [/vision_pullquote]Z Capital had hoped to retain Canyon Ranch at the property, but “unfortunately, due to circumstances outside of our control, specifically related to the ongoing disputes between the condominium associations, the former property owner and Canyon Ranch, retaining Canyon Ranch at this property was not a viable option,” Wicky wrote in the email, TRD reported.
The Carillon will continue to provide amenities and services previously offered, including spa facilities, fitness classes and programs and restaurants. Z Capital, which purchased the hotel for $21.6 million, will retain current employees and instructors.
“We are thrilled to have successfully acquired this premier property in Miami Beach,” James Zenni, Z Capital ‘s president and CEO, said in a statement. “This oceanfront resort is unlike any other in that it boasts unparalleled luxury amenities, including a renowned spa facility and a first-class fitness center, as well as a variety of diverse fitness activities. Under the management of our new joint venture, we will not only continue to offer these amenities but also expand them to incorporate new lifestyle elements, services and upgrades for guests and residents. We are confident that in elevating and expanding upon the property’s unique offerings, The Carillon Hotel & Spa will become the leading luxury destination in Miami Beach.”