The Real Deal Miami

Biltmore Hotel in $2.3 million rent style=”c

July 19, 2010 09:45AM

The Biltmore Hotel in Coral Gables

The landmark, 84-year-old Biltmore Hotel, which has a star-studded history and which once served as a military hospital during World War II, is in a
dispute with the city of Coral Gables over $2.3 million in allegedly
past-due rent. The 280-room hotel and the land on which it sits — along with its 18-hole golf course — are owned by the city. Hotel manager Seaway, which took over the Biltmore in 1992, has a 50-year lease on the property. Seaway has said the current arrangement with the city is not financially sustainable. Revenue at the hotel is down 25 percent and operating profits have fallen by more than half from their peaks. The City
Commission held a special session Monday to figure out a short-term
arrangement. Officials said closing the hotel is not an option. [Miami