The Real Deal Miami

Coral Gables, Biltmore reach deal

November 11, 2011 09:23AM

The city of Coral Gables and the Biltmore hotel have reached a deal in
principle in which the hotel would repay much of its overdue rent and
golf fees, according to the Miami Herald. The hotel is owned by the city,
and the row over delinquent rent has lasted since 2009. As part of the
plan, the hotel’s operator, Seaway, would resume paying rent to the
city, with base rent at about $800,000 per month, and it would also pay
back about $650,000 in unpaid golf management fees. Seaway has argued
that the city should reinvest much of the money it receives in rent, but
that has continued to prove an issue between the two sides. [Miami
Herald]