Banyan Cay Golf & Resort in West Palm Beach, Florida, US is to be auctioned following the bankruptcy of the property’s developers, owners and operators.
Real estate brokerage firm Keen-Summit Capital Partners has been retained under a federal bankruptcy order to be the real estate advisor to market and run the sale of the resort.
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Banyan Cay Golf & Resort is a 250-acre property that includes a nearly completed 150-room Hyatt-branded boutique hotel, a 130-acre golf course, and development sites approved for 179 condo units and 22 villas plus additional development land.
Counsel to Banyan Cay and Pack Law founder Joe Pack advised: “The debtors believe that a sale of the assets represents the best path to maximise value for all stakeholders.”
In conjunction with the work done by Keen-Summit initially, Pack reportedly filed with the bankruptcy court a stalking horse contract for $1m. This sets a baseline for an overbid marketing process.
Keen-Summit Capital co-president Matthew Bordwin explained: “That contract and the bid procedures have been filed with the court but are subject to final court approval. Assuming all goes according to plan, we expect to have a robust overbid auction in June.”
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By GlobalDataBordwin added: “With new funding combined with the restructuring and the region well-positioned for growth in 2023, we’re anticipating a truly active sales process of this luxury property.”
The auction is set to take place on 13 June with a bid deadline of 8 June.
