July 25, 2017

Aimco’s suit against Airbnb targets sublets at Bay Parc Plaza and the Flamingo

Stock Photo - Waving flag with Airbnb logo. Editorial 3D rendering
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« Previous Next » Flamingo towers Airbnb has a powerful new enemy in Miami and Miami Beach.

Two months ago, Aimco made headlines when the publicly-traded property management company announced it filed lawsuits against Airbnb in California and Florida accusing the online short-term rental booking company of engaging in “illicit subletting.” Yet details such as which specific Aimco properties are involved in the litigation went unreported.

The Real Deal obtained Aimco’s lawsuit filed in Miami-Dade Circuit Court alleging Airbnb allowed tenants at the Bay Parc Plaza Apartments in the Miami and the Flamingo South Beach towers in Miami Beach to rent their units on its online short-term rental booking site.

Property records show Aimco purchased Bay Parc in 2004 for $62.5 million and assumed ownership of the Flamingo following the company’s acquisition of another real estate investment firm in 1999. Bay Parc Plaza is located at 1756 North Bayshore Drive. Flamingo South Beach ‘s towers are at 1500 Bay Road.

The allegations could provide ammunition for Miami Mayor Tomas Regalado and Miami Beach Mayor Philip Levine , who are engaged in a public campaign to rid their cities of illegal short-term rentals on sites like Airbnb.

Aimco, which is an acronym for Apartment […]

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