The Real Deal Miami

Biltmore woes multiply

July 07, 2009 04:23PM

The managers of the Biltmore Hotel are $2.4 million behind in payment to the city of Coral Gables, the owner of the landmark hotel. Management group Seaway Corp. said flagging visitor numbers and a declining economy have hit revenues. The managers are also seeking $1 million in credit for renovation to the golf course and want to put the other $1.4 million into maintenance of the 1926-vintage hotel. They also want to renegotiate the terms of their revenue sharing agreement with the city.