This PRESS RELEASE is from Bay Proby, the public relations firm
for Belleview Biltmore Partners who wish to purchase the hotel and renovate it.
The hotel can STILL be renovated and restored no matter what you read or
hear! I am reposting this due to some technical errors.
Diane Hein, President, Save the Biltmore Preservationists
Belleview Biltmore Partners, LLC to Continue Efforts to
Purchase a...nd Restore Historic Belleview Biltmore Hotel.
Belleview Biltmore Partners is the Only Potential Buyer with a Plan That Will Save the Entire Hotel.
BELLEAIR, FL (Jan. 20) – Belleview Biltmore Partners (BBP) today announced that it will continue to actively seek to purchase and restore the historic Belleview Biltmore Hotel. "We have a financing commitment and know exactly what to do in order to secure the resort’s future success," saidRichard Heisenbottle, BBP partner. "The Belleair town commission should reject the false notion proffered by the local news media that the hotel is too far gone to be restored, and send a clear message that it expects a
preservation solution that will restore the hotel to its former glory."
Heisenbottle noted that BBP partner Gary Rosenberg oversaw the restoration of The Homestead, a landmark resort in Hot Springs, Virginia. "The total cost of restoration is very similar to what we need to do for the Belleview Biltmore," said Rosenberg. "In both cases, a successful restoration will bring important and sustainable economic benefits to the local community."
For more than a year, BBP has been planning to purchase and restore the "White Queen of the Gulf" and redevelop the property in accordance with the town's previously approved development order. "More than a dozen financing options were vetted and in early October, 2013 and we settled upon a financing commitment that made the project economically viable," said Rosenberg Since that time, BBP has been in private discussions with hotel owner Daniel Ades to purchase the property. "Throughout that process, the primary stumbling block has been Mr. Ades' request for a 30-day closing period,” said Rosenberg. "This was an unrealistically short time frame for BBP since we would be closing not only on the land purchase, but on tax credit equity, construction and long-term financing as well. At this time, only the tax credit investor equity needs to be concluded.
Rosenberg added that one of the critical requirements for BBP is ownership of the Belleview Biltmore Golf Course. "We were extremely disappointed last month when our offer to purchase the Belleview Biltmore Golf Course from the town was rejected by the Town of Bellaire Commission in favor of a long-term lease with the course’s current operator," he said.
"We also learned that Mr. Ades has entered into a contract to purchase the property with JMC Communities – a group that plans to demolish the historic hotel and construct a residential condo development. Moreover it has been reported that this contract contains a six-month due diligence period during which time the developer will decide what it is he actually wants to build."
“For more than a century, the Belleview Biltmore Hotel has represented the heart and the soul of the Town of Belleair and the hotel has defined the prestige and quality of life in the community,” added Heisenbottle. “Unfortunately, political actions speak louder than words and through the town’s actions and interest in rezoning the property to multi-family residential, it has sent the wrong message to Mr. Ades and JMC Communities. Perhaps unintentionally, the commission has sent a message that it is acceptable to demolish the hotel by condoning demolition by neglect and by intimating that the property can be rezoned for high density residential development.”
Adds Rosenberg, BBP remains poised to purchase and restore the hotel to its former glory, should JMC Communities not close on the property and provided it can get the cooperation of both the seller and the Town of Belleair.