TAMPA, Fla., Aug. 24, 2010 (GLOBE NEWSWIRE) -- An auction was held Monday in U.S. Bankruptcy Court for the Middle District of Florida to decide the future owner of Amelia Island Plantation. After a spirited standing-room-only auction conducted by Judge Paul Glenn, TRT Holdings/Omni Hotels emerged as the successful bidder for the storied north Florida beach resort. TRT, Omni's parent company, submitted an acceptable and binding bid of $$67.1 million.
Amelia Island Plantation, located just 29 miles north of Jacksonville International Airport, is a 1,350-acre property that overlooks the Atlantic Ocean on the east and the Intracoastal Waterway on the west. The 249-room resort features 54 holes of championship golf, a tennis center, spa, and 50,000 square feet of meeting space.
The two other bidders for the resort included Starwood Capital and Noble Investment Group. In July, Noble had emerged as the stalking horse bidder with an offer of $47.4 million. The transaction is expected to be approved at the confirmation hearing scheduled for August 26 and a closing is anticipated shortly thereafter.
Amelia Island Company retained The Plasencia Group to maximize the value of the company's assets for all stakeholders by conducting an auction pursuant to section 363 of Chapter 11 of the U.S. Bankruptcy Code. In all, the firm responded to over 90 bona fide inquiries and conducted nearly 30 formal property inspections by pre-qualified investors.
About TRT Holdings
TRT Holdings is the holding company of Omni Hotels and Gold's Gym. The firm's founder is Robert Rowling. In 1989, Texaco acquired Rowling's company, Tana Oil and Gas, for $476 million, thereby providing money that was used to form TRT Holdings. TRT Holdings later purchased Omni Hotels for $500 million and Gold's Gym for $180 million. Rowling is listed by Forbes in their 50 Wealthiest in America list. Omni Hotels currently operates 43 properties in the United States, Canada, and Mexico totaling over 14,500 rooms and employing more than 15,000 people. Omni Hotels focuses on the upscale leisure and corporate business traveler, complete with a complimentary guest loyalty and kids program, complimentary Wi-Fi, fine dining, etc. The company currently operates five golf-related resorts in the U.S.
About The Plasencia Group, Inc.
Founded in 1993, The Plasencia Group provides hospitality investment sales, consulting, and advisory services throughout the United States, Canada and the Caribbean. The Plasencia Group offers personalized lodging-related investment sales opportunities, asset disposition, and advisory services to life insurance companies, banks and pension funds, and private owners of hotels, resorts, and golf courses. With offices across the country, TPG offers a full range of value-added solutions, including single asset and portfolio dispositions, strategic portfolio analysis, asset and loan monitoring, note sales, operations benchmarking, operator and brand negotiations, hotel development consulting, asset management, and debt and equity placement.