That is true. And bar and club owners are notorious for cutting deals to sell, partner, etc. then changing their mind or looking for ways to back out.

Here's why I think they are stupid to sell: They should capitalize on the name and get financing to build their own condo project called La Vela. Put the "new upscale" La Vela ultra lounge on the top floor and go after the kind of hip, $$$$$ people that the new condo at The Palms Las Vegas is going after. (This stuff has been done before ... a number of hotels in Las Vegas now have top floor clubs. They have seperate elevators, etc. and it doesn't disturb the guests at all).

Maybe even put the ultra lounge on top of the place, and a dance club on beach level somewhere. Kind of like Rain and Ghostbar at The Palms in Las Vegas. Two different vibes.

With the clubs, a couple of great restaurants, and other upscale ammenities, these condos would be IT for the gulf coast of Florida. Everybody assumes that condo buyers are a bunch of 50-60 year olds. And they might be. But plenty 25-55 crowd with cash that wants something unique and hip.

Maybe I should be consulting on this new condo project ... (seriously).