REAL ESTATE: Miami Beach Shake-Out

Never had so many tourists sought the sun at Miami Beach. But despite the biggest crowds in history—2,500,000 strong, 10% more than last year—Miami Beach hotelmen were deeply troubled last week as the winter season ended. More than 25 hotels, many of them high, white and handsome, teeter on the brink of financial collapse; four hotels in the last six months, including the Saxony and Cadillac, already are reorganizing under the bankruptcy act. Other hotelkeepers are trying to scrape together enough money to pay the taxes that they fell behind on during...

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