Spirit Airlines’ nearly new Dania Beach headquarters campus has attracted an $88 million stalking-horse bid as the bankrupt carrier liquidates assets. The proposed sale underscores the steep decline in value of a specialized property built for a growing airline that stopped flying in May after failing to secure emergency financing.
Key takeaways
- DPC Holdco LLC, linked to Boston-based Hill City Capital, is the proposed buyer.
- The campus was developed at an announced cost of up to $250 million.
- The property includes offices, training facilities, a parking garage and other amenities.
- Competing bids are due Aug. 7, with an auction scheduled for Aug. 11 if necessary.
- Spirit’s sale process is separate from ongoing efforts to sell aircraft and airport assets.
The stalking-horse bid establishes a starting price and sets the terms for competing offers. The court-supervised process is intended to maximize proceeds for Spirit’s creditors while giving the initial bidder protections if another buyer ultimately prevails.
A major discount on a young campus
Known as Spirit Central, the 11-acre campus opened in April 2024 near Fort Lauderdale-Hollywood International Airport. The proposed $88 million price is roughly 35% of Spirit’s announced project cost, although the bankruptcy sale involves a specialized property whose value may be difficult to assess outside the airline industry.
The sale agreement covers the main office building, a two-story ancillary building, a six-story parking garage and a two-story training center. Spirit would retain approximately 15,000 square feet in the office building’s fourth floor temporarily, either until an agreed date or Oct. 31.
What the property includes
Court materials and marketing information describe a campus designed to support more than 1,000 corporate employees. Its principal features include:
- An approximately 180,000-square-foot, six-story office building.
- A roughly 108,000-square-foot training center with classrooms and simulator bays.
- A café, commercial kitchen, coffee bar, lounges and fitness facilities.
- A 998-space parking garage and 125 surface parking spaces.
- A residential component with 200 two-bedroom apartments for visiting employees.
- Land marketed as capable of supporting another approximately 180,000-square-foot building.
The flight simulators are not part of the proposed sale, and the residential building sits on a long-term ground lease rather than land owned outright by Spirit. Buyers may bid on the entire campus or selected combinations of assets.
Bankruptcy puts assets on the market
Spirit filed for Chapter 11 protection in August 2025, aiming to restructure its debt and emerge as a smaller, financially sustainable airline. Instead, the carrier ran out of cash and halted operations May 2 after a proposed $500 million government-backed financing effort failed to materialize.
The headquarters is one part of a broader liquidation. Spirit has also identified a prospective buyer for 27 Airbus aircraft in a $630 million transaction. JetBlue separately won court approval to acquire Spirit’s LaGuardia Airport takeoff and landing slots for $58.5 million after competing against six other bidders.
Bidding rules and next steps
DPC Holdco is entitled to a breakup fee equal to 3% of its purchase price, or $2.64 million, if another bidder wins. It may also receive up to $500,000 in documented expenses. A competing offer for substantially the same assets must exceed the initial bid and applicable protections by the required additional amount.
Potential buyers must complete due diligence, provide a 10% deposit and submit offers without financing contingencies. The bankruptcy court may select the highest or otherwise best offer, weighing price, closing certainty, timing and assumed liabilities. A sale-approval hearing is expected in September.
Sources
- Spirit Lands $88M Stalking Horse For Corporate HQ, Law360.
- Spirit picks bidder for Dania HQ site, starting at $88M, Orlando Sentinel.
- Spirit Built A Brand-New $250 Million Corporate Campus — Bankruptcy Values It At Just $88 Million, View from the Wing.