A judge approved private-equity fund manager Z Capital Partners’ purchase of the Canyon Ranch Hotel & Spa in Miami Beach, which a Lehman Brothers affiliate put into bankruptcy protection earlier this year, the Wall Street Journal reported today. Bankruptcy Judge Shelley C. Chapman last week approved the $21.6 million sale to Z Capital, a deal that a disgruntled group of Canyon Ranch condo owners who wanted to buy the property had fought in court. However, Z Capital and another group of Canyon Ranch condo owners that already supported the deal have reportedly reached a compromise with the disgruntled group that satisfies their objections. Details of the compromise weren’t disclosed.
