A Lehman Brothers Holdings Inc. subsidiary that owns the Canyon Ranch Hotel & Spa, Miami Beach filed for chapter 11 protection on Sunday to ease the sale of the luxury property to the owner and manager of a portfolio of hotels that includes the Enchantment Resort in Sedona, Ariz., Dow Jones Daily Bankruptcy Review reported today. Still under construction when the failed investment bank picked it up through a deed in lieu of foreclosure in 2009, the Canyon Ranch hotel and condominium project has not generated enough cash to cover the Lehman loan, according to papers filed in the U.S. Bankruptcy Court in the Southern District of New York.
