Z Capital Partners, a private equity firm, has purchased Canyon Ranch, Miami Beach, now Carillon Hotel & Spa. The firm announced new management for the resort, located at 6801 Collins Avenue. In December 2014, the U.S. Bankruptcy Court approved sale of the property to Z Capital Partners by the former owner, Lehman Brothers, as part of the breakup of Lehman's assets required to meet its obligations to creditors from its 2008 bankruptcy. According to Canyon Ranch, their attempts to negotiate a new contract agreement with the new owner were unsuccessful. The Carillon Hotel & Spa will retain current employees and instructors, and will continue to provide amenities and services previously offered, including spa facilities, fitness classes and programs, and restaurants.