Florida Chapter 11 Bankruptcy: Amelia Island Goes to Omni
Omni Hotels & Resorts was the successful bidder in the Chapter 11 auction of the Amelia Island Plantation just north of Jacksonville, and the hotel and resort operator says it plans to expand the facility.
According to a Wall Street Journal story, Omni said it would add 125 hotel rooms and another 15,000 square feet of meeting space. Omni has 45 hotels in North America, and is owned by TRT Holdings, a company owned by Texas billionaire Robert Rowling.
The 1,350-acre Amelia Island Plantation includes the Amelia Inn report, four golf courses, spa, beach club and villas. It was purchased in 1978 by investor Richard Cooper and was still under the management of his son, Richard, when the economic recession caused it to run into financial difficulties. Amelia Island Plantation filed for Chapter 11 bankruptcy protection last November.
Omni’s $67.1 million bid was better than offers made by Starwood Capital and Noble Investment Group, the other bidders. U.S. Bankruptcy Judge Paul Glenn in Jacksonville is scheduled to rule on the acceptance of the Omni offer, which will be an approximate 70 percent recovery for creditors.
Contact our Jacksonville, Florida bankruptcy law firm for more information about the Florida Chapter 11 bankruptcy process.
Greg Gilbert
Keith Maynard
