Miami area hotels have been faced with financial doom stemming from the economical turmoil, and elaborate and expensive upgrades to stay competitive. Times have not been favorable to them and it has become increasingly difficult to sell rooms, as more people are interested in Staycations, and fewer are spending on hotel rooms.
The ultra luxury hotels on the shores of the Atlantic Ocean and inland, celebrated the New Year in Grand style, hosting Lady Gaga at the Fontainebleau, Brody Jenner at the Gansevoort, and other high profile events, with prices ranging from $300 for general admissions to $25,ooo for VIP access and amenities. Was it all an illusion that the financial houses of these hotels were in order and stable? Yes.
Fontainebleau Miami Beach, The Sagamore Hotel, Shore Club and the Gansevoort are among the hotels that are facing foreclosure. The Sagamore, however, is trying to stay above water by making a deal to open a Playboy Club, according to reports.