The Sagamore Is On The Auction Block, But Are Playboy Bunnies Invited?
The last we had heard about the rumors that the Sagamore might become a Playboy Hotel was back in February, when the magazine threw its big Super Bowl party at the South Beach hotel. That bit of synergy fueled the fire that a branding deal could be in the works. But today, the Miami Herald reports that the lenders behind the hotel don't seem interested in the Playboy Bunnies at all. But they are trying to sell the property—and the Sagamore has asked a judge to halt the auction.
According to the Herald, the hotel's owners accused lender LNR Property of "duping it into halting loan payments in hopes of restructuring its debt." Now, the stage seems set for foreclosure, with bids for the hotel due today.
The Sagamore apparently described their plans to become a Playboy Hotel in the papers they filed in court—claiming that having Bunnies on site would help bring an extra $1 million a year to the property.
Instead, according to the court papers, LNR executives walked out of a December presentation by the Playboy team before the pitch could even begin.
Dude. We know Playboy can seem dated and out of step with the modern age, but this is South Beach, and the rebranding could have been a hit, no?
Here's hoping the Sagamore makes it through this legal labyrinth in one piece.
[Photo: tlillis4 via Flickr / CC BY-ND 2.0 ]
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