The Real Deal Miami

Historic Coral Gables hotel nears default over rent payments

September 29, 2011 10:57AM

The Coral Gables City Commission has given Seaway, the operators of the historic Biltmore Hotel at 1200 Anastasia Avenue, one last chance to pay back $5.5 million in rent and golf management fees before it declares the hotel in default on its 99-year lease, the Sun Sentinel reported.

“We are giving them one last chance to come up with a plan that protects the city taxpayers’ interests, or we would have to declare a default,” said Mayor James Cason.

Commissioners will make their final decision about the property Oct. 24 — more than two years after the Biltmore first stopped rent payments.

Howard Berlin, an attorney for Seaway, said his client will do what is takes to avoid default.

“The Biltmore is 100 percent committed to resolving this issue,” he said. “To declare a default would be unconscionable.” [Sun Sentinel]