|
Trump condo-hotel in Fort Lauderdale Might not Open, Developers Say |
 |
 |
|
Written by Administrator
|
|
Sunday, 17 May 2009 14:06 |
The much-touted and long-delayed Trump International Hotel & Tower on Fort Lauderdale might not open.
Developers of the 298-unit condo-hotel informed investors in a May 13 letter that they must close on their units this month and unless half do, "we do not envision that the hotel will open."
Furthermore, the letter said buyers likely can't occupy their units until the hotel opens, and a Trump group may pull its celebrity name from the property, claiming developers have defaulted on their obligations.
Neither the developer, SB Hotel Associates LLC, nor the Trump Organization in New York could be reached for comment despite repeated messages. The woes are the latest in a series for a $200 million venture that was supposed to bring cachet to Broward County and open in 2007. The 24-story project features some of the area's most expensive condos, with studios and one- and two-bedroom units priced from about $500,000 to more than $3 million each.
Several lawsuits are pending from unhappy investors who want refunds of their 20 percent deposits. Allegations include misleading advertising and breach of contract for failing to finish the project on time -- no later than December 2008. Link: Read the Article
|
|
Last Updated on Monday, 18 May 2009 07:00 |
