Behind on mortgage payments, the Sagamore looks to Playboy to regain profitability

Dec.December 09, 2009 11:00 AM
The Sagamore hotel in South Beach is looking to bring in a new Playboy club

Behind on its $32 million mortgage, South Beach’s the Sagamore is
hoping a new Playboy Club will return the chic, self-proclaimed “Art
Hotel” to profitability. The hotel, at 1671 Collins Avenue, lost its
Social restaurant two years ago, and that combined with the downward
spiral of the travel market since then has been financially disastrous.
The Sagamore’s marketing scheme in the past has centered on its
collection of contemporary art, which it would retain despite the
addition of the racy brand and its scantily-clad bunnies. The
Sagamore’s administrator has not endorsed the deal, in which waitresses
in bunny uniforms would serve drinks in the hotel’s cocktail lounge and
on the beach behind it. The deal, in conjunction with another involving
a high-profile chef, would bring “substantial profits” to the hotel,
according to owner Marty Taplin. Playboy is looking to open many more
casinos, clubs and restaurants as it transitions from a
now-unprofitable magazine to a lifestyle brand. [Miami Herald]

Related Articles

1420 Collins Avenue

Casa Hotels adds to South Florida portfolio with boutique Miami Beach hotel

Thor Equities CEO Joseph J. Sitt and a rendering of 852 Collins Avenue (Credit: Thor Equities)

Mazel Tov! Kosher restaurateur buys South Beach commercial property

Chetrit shuts down oceanfront Miami Beach hotel for major renovation

1343 Collins Avenue and 952 Collins Avenue

LA firm lists two South Beach hotels for sale with expansion plans

Generator Hostels opens first U.S. location in Miami Beach

Comras, partners sell Sephora building in South Beach to Cosentino subsidiary

UK billionaire Mike Ashley buys Walgreens property near 1 Hotel South Beach

South Beach hostel on Collins Avenue lists for $7M