News for the Hospitality Executive
Omni Hotels Prevails at Auction for Amelia Island Plantation (FL)
TAMPA, FL, August 24, 2010 – An auction was held Monday in U.S. Bankruptcy Court for the Middle District of Florida to decide the future owner of Amelia Island Plantation. After a spirited standing-room-only auction conducted by Judge Paul Glenn, TRT Holdings/Omni Hotels emerged as the successful bidder for the storied north Florida beach resort. TRT, Omni’s parent company, submitted an acceptable and binding bid of $$67.1 million.
Amelia Island Plantation, located just 29 miles north of Jacksonville International Airport, is a 1,350-acre property that overlooks the Atlantic Ocean on the east and the Intracoastal Waterway on the west. The 249-room resort features 54 holes of championship golf, a tennis center, spa, and 50,000 square feet of meeting space.
The two other bidders for the resort included Starwood Capital and Noble Investment Group. In July, Noble had emerged as the stalking horse bidder with an offer of $47.4 million. The transaction is expected to be approved at the confirmation hearing scheduled for August 26 and a closing is anticipated shortly thereafter.
Amelia Island Company retained The Plasencia Group to maximize the value of the company’s assets for all stakeholders by conducting an auction pursuant to section 363 of Chapter 11 of the U.S. Bankruptcy Code. In all, the firm responded to over 90 bona fide inquiries and conducted nearly 30 formal property inspections by pre-qualified investors.
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