FOX 4 WFTX - Cape Coral, Fort Myers, Naples News, WeatherHistoric Miami Beach hotel faces financial trouble
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Associated Press - November 16, 2009 3:14 AM ET
MIAMI BEACH, Fla. (AP) - The historic Fontainebleau Miami Beach hotel is facing financial troubles, with contractors claiming $60 million in unpaid bills and possible bankruptcy on the horizon.
The Fontainebleau showcased a $650 million renovation at a celebrity studded opening with supermodels, pop singers and movie stars just last year.
Now contractors say the Fontainebleau has stopped paying its bills, and a hotel executive says bankruptcy is an option as it also tries to reduce its $660 million construction loan.
A spokesman for developer Jeffrey Soffer says the Fontainebleau is performing well above its peers and that they are pleased with the hotel's progress in a challenging economic environment.
Information from: The Miami Herald, http://www.herald.com
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