The Biltmore Hotel Needs To Pay Their Rent
South Florida’s legendary Biltmore Hotel has reportedly not been paying its $2.4 million rent in about a year. The President and Chairman, Gene Prescott said that sales have been down to about 30 percent from last year, making it difficult for the hotel to make its rent payments to the city. The hotel would therefore like to work with the city to come up with some form of pay schedule. “We need to renegotiate our lease, and come up with something that is fair for both parties” said Prescott. The Biltmore Hotel pays the city of Coral Gables three-and-a-half percent of the hotel’s gross revenues as rent. In 2008, the revenues were $46 million, and in 2009, they dropped to $35 million.
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