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Nicky-O Hotel a No-Go

11/5/2007 9:20 PM PST BY TMZ STAFF

The South Beach hotel that entreprenheiress Nicky Hilton had hoped to reinvent is now bankrupt and heading to the auction block. No rooms at the inn!
Nicky Hilton
After a failed conversion to condos, a federal judge has ordered the oceanfront Breakwater and Edison properties be sold to the highest bidder to satisfy a mortgage and penalty debt of $60 million! Paris's lil' sis signed a licensing deal last year to turn the 95-room complex into a boutique hotel with news tickers in the elevators, a signature scent and a $5000-a-night penthouse designed by Roberto Cavalli.

"I've been around hotels my whole life," she told People in July 2006. "I know a good hotel when I see one."

Or not.

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