After a spirited standing-room-only auction conducted by Judge Paul Glenn, (middle right photo) 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 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.
TRT Holdings is the holding company of Omni Hotels and Gold's Gym. The firm’s founder is Robert Rowling (bottom right photo).
In 1989 Texaco acquired Rowling’s company, Tana Oil and Gas, for $476 million, thereby providing money that was used to form TRT Holdings. TRT Holdings later purchased Omni Hotels for $500 million and Gold's Gym for $180 million.
Contact: Orlando Plasencia, The Plasencia Group, Inc., 4107 N. Himes Avenue, Tampa, FL 33607, 813.932.1234 Office, 813.932.4321 Fax, oplasencia@TPGhotels.com
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