Soffer's team is emphasizing that the condominium and hotel project's woes will not infect its namesake, the newly renovated Fontainebleau Miami Beach, which Soffer bought at the same time he announced the Vegas project in 2005. The 1,500-room hotel reopened last October after undergoing $500 million worth of renovations, and Soffer is partnered with Nakheel Hotels last year on the iconic resort.
"Fontainebleau Miami Beach is not collateral" on the Vegas debt, says Scott Baena, a bankruptcy lawyer with Miami's Bilzin and Sumberg firm who represents the Fontainebleau Vegas. "It's not a borrower. It's not cross-collateralized. It is on the other side of the Mississippi." Click here to read the full report from The Miami Herald.
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