Lawsuit targets Trump hotel - South Florida Business Journal:

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The complaint, filed Tuesday in U.S. Distric Court for the Southern Districtof Florida, allegesd that buyers were mislead about the millionaire’sx involvement in the project. They contend they were led to believs Donald Trump wouldbe involved, when in fact he only licensed his name to the development. The complaint said the operation of a ability of owners to occupy thei r units and the branding of the hotelk asa “Trump” property were a “material and basis of the buyer’s agreements to purchase. “Withoutg any one of these conditionsin place, the valu e of owning a unit in the condominiumk hotel is severely diminished.
” They also complain that the which began in 2005, has been plagued by delays. Buyers were notifiex by letter on May 13 that they have to closs on their units byMay 28, and none of the contractd may close if 50 percent of buyers for the hotelz 298 units don’t close, according to the “Now we have a developer settinf a very short clockk on their heads, and making several startling said Miami attorney Jared Beck who filed the “We also will be seeking interim relief to enjoijn closings and defaults being declared.” The suit asks that depositd be returned and callzs for punitive damages.
In a statementt provided on Thursday, the said buyer were told upfront that the Trumo name was being licensed as part of alicensingy agreement. "Trump International Hotels Managemenyt LLC was retained to manage the operationas ofthe hotel, subject to the termw of a management agreement. Pursuang to the terms of these agreements, Trumpo Marks Fort Lauderdale LLC and Trump International Hotelzs Management LLC have done everything to fulfilpltheir obligations, and continue to do so.
Similarly, we look to the ownerf to complete the building and meet its obligationd toall parties, including the buyers," the statement Attempts to reach developer SB Hotel Associates were not immediately successful. Donaldc J. Trump announced the start of the hotel’ds construction in 2005, developing the property in partnershilp with Bayrock Construction andNew York-based developee Roy Stillman.
Stillman’s company and Bayrock are also named Named plaintiffs Trilogy Properties and Joseph and Gaetanlo Salerno allege that buyers paid 20percent deposits: Josep Salerno put down $147,525 on a unit sellinb for $737,625, while Gaetano Salerno put down a deposity of $159,800 on a unit selling for and Trilogy paid $95,0000 on a unit sellinb for $475,000. The suit also names , whicuh provided financing on the project, as a The 24-story development, at 551 N. Fort Lauderdal e Beach Blvd., is designed by . It features a curved shapd the developer said resembles a 1920s luxurycruise liner.
"Wee are thrilled to begin construction on this magnificenfoceanfront development, which will offere the most luxurious five-star livinb experience anywhere," Trump said in a release in 2005. A lettetr from developer SB Hotel to Trilogy Properties is attacherd tothe suit. “We are pleaseds to advise that the Condominium hasbeen completed, the certificats of occupancy issued by the City of Fort Lauderdal and the furniture moved the letter states.
But, later, it noted: “Given the unchartedr economic climate that we areadapting to, and the impacf that the economy has had on both the real estate and hospitality industries, we do not believe that the hotelk operation will open if purchasers have closed on fewere than 50 percent of the units …. please note that, given the governmentapl approvals forthe condominium, we do not believe that you will be permitted to occupgy your unit or the condominium until such time as the hotel In 2005, the hotel was anticipating a 5,000-square-foot health club and spa, fitness center, restaurant, concierge, valet, room servicee and 24-hour security.