Saturday, September 18, 2010
TAMPA, FL –TRT Holdings/Omni Hotels completed its purchase of Amelia Island Plantation (top left photo) Sept. 17.
Following an August 23 standing-room only bankruptcy auction in which Starwood Capital and Noble Investment Group also vied for the storied north Florida beach resort, TRT emerged as the successful bidder at $67.1 million ($269,478 per room).
Amelia Island Plantation, located just 29 miles north of Jacksonville International Airport (middle right photo), 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 bankruptcy sale of the Plantation has been a long and arduous journey for its residents, employees, creditors and vendors.
The final outcome in this transaction, however, has been a very positive one -- a rarity in this economic environment,” commented Lou Plasencia (lower left photo), CEO of The Plasencia Group.
“With TRT and Omni as the new owner/operator, the future is now very secure for all involved. The fact that secured creditors were made whole is also very satisfying and affirms the thoroughness of the process we conducted.”
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 generated over 90 bona fide inquiries and conducted nearly 30 formal property inspections by pre-qualified investors.
Media Contact: Karen Brand, firstname.lastname@example.org, (203) 202-4549