Floridan Palace Hotel, 1927, Tampa

Such is the Hotel Floridan, a product of the 1920s Florida real estate boom. When postwar tourists turned away from Tampa’s downtown hotels, it eventually catered to the by-the-month rental market. Decay ensued.

The building closed in 1989 and languished, being passed among five distinct owners like a beat-up antique chair before it was purchased for $6 million in 2005 by developer Antonios Markopoulos. That began a seven-year restoration and renovation project that returned it to its former glory.

It reopened in 2012 as the Floridan Palace Hotel. Where most downtown Tampa hotels cost northward of $200 a night, a large corner room on the 12 floor of the Floridan was booked by this author earlier this month for $107. Upscale without the sticker shock.

For architecture buffs, the location, on the northern edge of Tampa’s downtown core, is ideal. Nearby are the

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CMBS Foreclosures Start Rising As Hotel Defaults Break 50% In Some Cities


The market for commercial mortgage-backed securities, particularly hotels and retail, continues to worsen with no sign of an imminent turnaround.

The September edition of CMBS analysis firm Trepp’s monthly report found that 26% of hotel-backed CMBS loans are in special servicing, while the same is true for 18.3% of CMBS loans tied to commercial retail properties. Both sectors’ special servicing rates are the highest on record, while industrial, office and multifamily all have below 3% of their CMBS loans in special servicing.

Luxury hotels in major cities seem to be the hardest-hit subsection of the hospitality industry because they are more dependent on business travel and large events that remain all but nonexistent across the country.

Hotels in Houston, which has also been hurt by the oil industry’s struggles, hit a 69% delinquency rate in September, according to Trepp data obtained by Commercial Mortgage Alert. Just over 50% of Chicago’s

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After 44 years in Back Bay, Rolly-Michaux Galleries in Hotel Vendome building is put up for sale – News

One of the Back Bay’s retail institutions is closing its doors.

Rolly-Michaux Galleries, an art gallery mainstay on Dartmouth Street since the 1970s, was listed on Oct. 1 for $3,995,000. Owner Ron Michaux has operated Rolly-Michaux Galleries in the space, which is part of the iconic Hotel Vendome building, since taking ownership in 1976 with the late Ron Rolly. But the art gallery’s shuttering isn’t just another case of COVID-19 striking down another retail institution. Instead, it’s the culmination of a lengthy, thriving career at one of the city’s most well-known galleries.

“He’s retiring. He’s been doing it for so long,” Collin Bray, an agent with Century 21 Cityside, told Boston.com. “This is all part of a life plan. It’s his life’s work, and he’s not done with helping clients buy and sell art, but he doesn’t need to go

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