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Coral Gables, Biltmore reach deal.

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]
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Publication:The Real Deal
Date:Nov 11, 2011
Words:120
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