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Discussion in 'Starwood | Preferred Guest' started by uggboy, Oct 18, 2013.
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Foreclosure looms over W South Beach
It's Florida! There is an overabundance of foreclousre on the market. I recall reading somewhere that in S. Florida (Dade & Broward Counties) that there is no need to build another condo. The current inventory could sustain the are for the next decade.
The rates at this property are sky high, but if they can maintain them, then good for them!
Doesn't look to me that they can maintain sky high rates, when they could, they wouldn't have the threat of foreclosure hanging over them.
Indeed, Florida offers way too many condos no-one wants, again, especially at prices not many can / or want afford.
From the article, the hotel occupancy isn't the issue, it's the Sale of the associated condos that are the issue.
However, I wonder if this will affect future hotel bookings?
Indeed, the condos dragging the hotel down towards foreclosure, regarding future bookings, I thought the same thing, should the hotel foreclose, will it still be a W or would the German Bank who wants to foreclose another operator? Plus, the condos are mighty expensive, they offer them for rent too, it's what? 1400US$ a night. Not many takers, I presume, the market for condos is overheated and overpriced, it's a buyers market and the seller has to adjust a bit here IMHO, at least in this case not a good combination.