The Biltmore Hotel Management Wants A Free Lunch
July 28, 2010 Leave a comment
The comportment of the Biltmore Hotel is similar to that of Wall Street–their lemma is “Privatize the Profits and Socialize the Losses”.
The Biltmore management has suddenly discovered that they are losing money and they want the City of Coral Gables (meaning the taxpayers) to pick up their loses. We cannot recall that they came forward to volunteer extra payments to the city when times were good and occupation rates were strong. Rather they have suddenly discovered millions of dollar in costs that they want reimbursed.
Sadly, the taxpayers of Coral Gables are not in a position to subsidize a Biltmore, an unprofitable company that benefits just a very people.
I say get another operator or return the Hotel to the US Government before taxpayers have to pay more property taxes or suffer reductions in their own services.
The Biltmore is an anachronism, it is the model of an earlier time when money was flowing. It is time for the City Commissioners to side with their citizens in this matter; the US is entering a long period of austerity and the Coral Gables citizens should not have to bailout the Biltmore.