ABMB stays in MB

Art Basel Miami Beach will stay in Miami Beach:

Art Basel, the country's biggest contemporary art show, will return to Miami Beach through 2011 under a hard-fought deal with the city that gives the show's owner a financial stake in the Miami Beach Convention Center.

The center's four-day art show has exploded into a week of festivals from the mainland to Miami Beach, with a global following paying sky-high hotel rates and generating a stream of private jets that tourism officials say rivals a Super Bowl.

But until now, Art Basel had refused to commit to the show for more than one year, leaving city officials to ponder losing the tourism draw to another U.S. location in their annual negotiations with Basel executives.

That changed Wednesday when city commissioners ousted the management of the convention center in favor of a partnership between Global Spectrum, a Comcast subsidiary, and Basel parent firm Messe Schweiz. The deal calls for Global to manage the facility and Messe Schweiz to market it abroad.

Read the Miami Herald story here.