Banyan Cay Resort cancels auction, seeks sale to stalking horse

By Sarah Lizee

Olympia, Wash., June 12 – Banyan Cay Resort & Golf, LLC canceled an auction and decided to move forward with a sale of its property to stalking horse bidder Westside Property Investment Co., Inc., according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Florida.

The company said it didn’t receive any other qualified bids by the deadline.

The purchase price under the agreement is $102.1 million.

The property includes a nearly completed 150-room Hyatt-branded boutique hotel, a 130-acre golf course designed by retired professional golfer and golf-course designer Jack Nicklaus, as well as development sites approved for 179 condo units and 22 villas, plus additional development land.

The company will seek approval of the sale at a hearing scheduled for Thursday.

The West Palm Beach, Fla.-based golf resort owner filed bankruptcy on March 29 under Chapter 11 case number 23-12386.

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