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Word Is Canyon Ranch Sold To Former Bros Of Lehman Bros.

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Word, from an insider resident at Canyon Ranch, is that three former executives from the real estate division of Lehman Brothers have purchased the Canyon Ranch hotel and spa, as well as the Golden Sands property next door. (even though other news outlets reported just yesterday that Canyon Ranch is on the market) Golden Sands went for $9 million, while the price of Canyon Ranch is still unknown. They plan to build a new residential tower on the Golden Sands site, making it a part of Canyon Ranch, without adding any new amenities, which is sure to annoy lots of people.

The Golden Sands is being sold by Lehman Brothers itself, now in bankruptcy court. (although it seems like those execs are doing pretty well) Meanwhile most residents, who don't seem to be happy at all with Canyon Ranch management says our source, want the property to stop being a Canyon Ranch entirely, but don't seem to be getting that wish. With the impending sale, they had been hoping for a major change with a new owner. Canyon Ranch has been alienating residents who far outnumber hotel guests and are their greatest revenue opportunity for a while.

For example, nobody eats at the restaurants, says our source, because the food is bad (but healthy at least!), service is poor, and everything is ridiculously expensive. Apparently that's why the restaurant is hemorrhaging money. Canyon Ranch has raised HOA fees 47% in the last year. And they did other thing, like removing the combs and brushes from the men's locker rooms of what is supposed to be their five-star spa to "save money." And they sent a memo to residents telling them they had to make reservations to eat at the restaurant now even though it's always empty.

But nobody except hotel guests eat there anyways...

UPDATE: According to a statement emailed to Curbed by CBRE, brokers of the Canyon Ranch and Golden Sands properties, they were not sold to former Lehman Brothers executives and are still very much for sale: "The Canyon Ranch and Golden Sands properties are listed with CBRE and we anticipate robust demand in the marketplace."

· Canyon Ranch Hotel, Dev Site Hit Market [Globe St.]
· Canyon Ranch coverage [Curbed Miami]
· Golden Sands Hotel coverage [Curbed Miami]

Golden Sands Hotel

6901 Collins Avenue, Miami Beach, Florida