Retail Refugees

In troubling hotel news, the almighty Shore Club- home to such infamous events as Suge Knight´s getting shot (among others), has gone delinquent on its nearly 112million USD mortgage.

“A renovation of the hotel is in progress and a spokesperson for Philip and Michael Pilevsky said there is a disagreement between the owner and the loan servicer about what the servicer is responsible for funding. The hotel went through a renovation in 2001 and was appraised for $176 million in 2005, when the owners mortgaged it at the peak of South Florida prices. That number might be a bit lower now. The Shore Club has 322 rooms and a spa but is more famous for its Nobu sushi restaurant, several night clubs and its enviable beachfront pool area. Tourism has been down in Florida overall and the hotel has seen occupancy fall this year. The hotel remains open and is currently offering a deal that includes overnight accommodations, priority seating at Skybar and a bottle of either Perrier Jouet Grand Brut or SKYY Vodka on arrival for $325.”

That is not a bad deal…

via Luxist