In these troubled economic times, foreclosures are a daily reminder that things couldn’t get much worse. Millions of homes across the country have been vacated, and even grandiose hotels are shutting their doors.
A foreclosure action was filed last week against Phillips South Beach, owner of the Shore Club on Collins Avenue in Miami. This beautiful haute spot previously reported a 40 percent fall in bookings during the 2009 season, forcing its owners into a frenzied financial tail-spin.
The Shore Club is one of three Morgans Hotel Group properties, in Miami, along with the Mondrian and the Delano.
It is hard to say what will become of the Shore Club, but one thing is for certain, Miami is not a recession proof city, and the hotels we love are not free from the financial downfall that continues to plague our country’s economy.