The Fontainebleau Miami Beach brings in about $800,000 every day, or roughly $9 in revenue every second.
That sort of sales clip, disclosed in a new credit report, helps explain why South Florida’s largest resort is one the verge of borrowing nearly $600 million as it retires its past financial woes and reaps the benefits of the region’s booming tourism market.
“It’s an impressive story,’’ said Sheila Bjornstad, an analyst with Morningstar Credit Ratings LLC who helped write the report on the Fontainebleau’s planned debt sale to Wall Street investors.
No comments:
Post a Comment