1675-2 Art Deco Fir "We fit together as
' , • components."
y,�I . generating f6 million to buy two more
o
h (els and renovate the other five.The
to 2. J 7r limited partners get tax breaks and 70%
.1" r A of any profits; Shantzis and Capitman
/,.. .-..,, ". split the remaining 30%. Each earns
(y $75,000 a year from partnership and ho-
tel management fees.In their two years
together,their net worth has soared from
. virtually nothing to$500.000 each. '
The superaggressive Shantzis contrasts
t.' with the laconic Capitman but. as
Shantzis puts it."We fit together as com-
ponents."Shantzis, the born salesman.
' has wrung investments from William
ART DECO BEACH BOYS Gamble,a Procter&Gamble heir.and
Richard Wolfson, second in command
Capitman and Shantzis at Wometco. Capitman. the marketing
rejuvenate oceanfront hotels. Prodigy,is drawing a youthful crowd to
the hotels as the elderly previous occu-
Two young Floridians are playing Mo- pants die off or leave.Already the cafF at
nopoly. only their Boardwalk is called the Hotel Cardozo.one of the two hotels
Ocean Drive and their five small hotels that have so far been partly renovated.is
are monuments to Art Deco style on one buzzing with young professionals lured
of the finest stretches of Miami Beach 1 by its neon-lit swing-era ambience.
oceanfront. Though the hotels haven't
yet turned a profit, owners Andrew
Capitman. 31 (left, above). and Mark
• Shantzis.29.have already made a bundle.
Two years ago.Shantzis was a securi-
ties salesman specializing in tax-sheltered
partnerships.While snooping around for I
deals to sell,he met Capitman,an invest-
ment banker,who was looking for a way
to buy up the five 1930s hotels—some
with stucco spires rising like spaceships
oser the front entrances.and all adorned
with mermaids, pelicans or ships in
stucco relief.Shantzis.who as a boy car-
ried beach mats for guests at the splashy
Founiainebleau and Doral.says he traded
on his knowledge of the area to make the
deals."Our hotels had been bought years
ago by people who moved down here to
retire." he explains. "We got them for
S4.9 million.and with 30%cash down."
Eager to convert their properties into
steady income. the sellers took back
mortgages ata trifling 8%to 10%.
The new partners invested S40.000 of
their own and raised the rest of the down
payment by selling limited partnerships.
Their business—Art Deco Hotels Ltd.—
has set up five partnerships.The latest is
' A,,te,:ss aceE Trunzo
MAY IDe: 31