Certainly the sleepy little town of Hollywood would not be considered one of the hauter places that we boast about here in South Florida, so reporting on the goings-on there is not typically at the top of our agenda. But today’s news involves a multimillion-dollar hotel project, and numbers like that always pique our interests, especially when big name celebrity entrepreneurs are involved.
Last night it became official that Jimmy Buffet’s $100 million hotel resort project will take over one of the most coveted pieces of oceanfront property on the Boardwalk. Margaritaville will encompass six acres right off of Johnson Street. Its closest competitor was the Planet Hollywood project, courtesy of Sylvester Stallone, that was being billed as a family-friendly complex, with movie theaters and bowling alleys. The city commissioners voted unanimously to bring in Buffett, who will offer the first hotel under the crooner’s moniker, along with restaurants and lounges.
In addition to the fact that the commission had worked with the Margaritaville developer on previous projects, so already enjoyed an established working relationship, perhaps it was the numbers that helped them make the final call. The Buffett developers indicated that the city would receive $19 million in rent over the course of 10 years from their project, while team Planet Hollywood could only guarantee $5 million.
