Inverrary Vacation Resort sold at bankruptcy auction for $12.2M
Monday Jun 12th, 2017
U.S. Bankruptcy Judge Paul G. Hyman Jr. approved the winning bid of $12.23 million for the Inverrary Vacation Resort in Lauderhill on Friday. The winning bidder was GranVita 2 LLC, managed by Luis Navas and Maria Navas in Toronto. In May, GranVita 2 LLC acquired the $6.38 million first mortgage on the property from an affiliate of Miami Beach-based Safe Harbor Equity Managers.
Attorney Joe M. Grant, who represents Chapter 11 trustee Maria Yip in the case, said GranVita 2’s $12.225 million winning bid was the combination of a credit bid from the amount due on the mortgage and additional money. The auction was conducted by Ten-X from June 6 through 8.
"We are pleased with the result of today's hearing and excited about the opportunities for this property and the surrounding community," said attorney Craig Pugatch, who represents GranVita 2 in the case.
Developed in the 1970s and not remodeled in more than a decade, the Inverrary Vacation Resort includes a 152,400-square-foot, 207-room hotel at 3501 Inverrary Blvd. plus 18.5 acres with 27 clay and three hard tennis courts, and 23,573 square feet of clubhouse space at 6300 Racquet Club Drive and 3370 Spanish Moss Terrace. Inverrary Resort Hotel Condominium Association, Nirvana Inverrary Lofts and Alrames S.A. de C.V. Corp. filed related Chapter 11 reorganization cases in May 2016 while a foreclosure lawsuit was pending against them.
The debtors were managed by Julian R. Ramirez until Yip took over operations of the hotel in August 2016. The debtors had liabilities of about $8.4 billion as of April 30, according to a statement of financial affairs filed by Yip. That means the auction proceeds should repay most of that debt. The hotel’s year-to-date revenue through April was $1.14 million, although it had a net loss of $608,019, according to Yip’s filing.