The Real Deal Miami

Hotel investor runs out of funds

December 11, 2008 03:10PM

Icelandic investor Siguor Smari, who is funding the renovation of
Miami’s Ocean Grande hotel at 3651 Collins Avenue, has run out of
funds, stalling the project. The investor has not been able to pay for
a report on structural damage at the hotel, which means the city also
cannot access it. The building may need to be demolished or at least
repaired prior to the next hurricane season, and if no property owner
or developer comes up with funds, the city may have to take action,
said William Cary, director of the city’s planning department.