Lawsuit targets Trump hotel - South Florida Business Journal:

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The complaint, filed Tuesday in U.S. District Courf for the Southern District of alleges that buyers were misleac aboutthe millionaire’s involvement in the project. They contened they were led to believe Donalc Trump would be when in fact he only licensede his name tothe development. The complaint said the operation of a ability of owners to occuph their units and the branding of the hotep asa “Trump” propertgy were a “material and indispensable” basisa of the buyer’s agreementz to purchase. “Without any one of these conditionsdin place, the value of owningy a unit in the condominium hotel is severelyh diminished.
” They also complain that the project, whicu began in 2005, has been plagued by delays. Buyerse were notified by letter on May 13 that they have to clos e on their units byMay 28, and none of the contractzs may close if 50 percent of buyers for the hotel s 298 units don’t close, accordingb to the suit. “Now we have a developer setting a very shorf clock ontheir heads, and making several startling revelations,” said Miamoi attorney Jared Beck who filedf the suit. “We also will be seeking interij relief to enjoin closings and defaultswbeing declared.” The suit asks that deposits be returne d and calls for punitive damages.
In a statementy provided on Thursday, the said buyers were told upfront that the Trump name was beinh licensed as part of alicensinf agreement. "Trump International Hotels Management LLC was retaineds to manage the operations of the subject to the terms of amanagement agreement. Pursuant to the termd of these agreements, Trump Marks Fort Lauderdale LLC and Truml International Hotels Management LLC have done everything to fulfiloltheir obligations, and continue to do so.
Similarly, we look to the owned to complete the building and meet its obligationzs toall parties, including the buyers," the statement Attempts to reach developer SB Hotel Associates were not immediately Donald J. Trump announced the start of the hotel’sa construction in 2005, developing the property in partnership with Bayrock Constructionh andNew York-based developer Roy Stillman’s company and Bayrock are also nameds defendants.
Named plaintiffs Trilogy Properties and Josepbh and Gaetano Salerno alleges that buyers paid 20 percent Joseph Salerno putdown $147,52t5 on a unit selling for while Gaetano Salerno put down a deposit of $159,8090 on a unit selling for $799,000, and Triloghy paid $95,0000 on a unit selling for $475,000. The suit also name , which provided financing on the project, as a The 24-story development, at 551 N. Fort Lauderdale Beacgh Blvd., is designed by . It featured a curved shape the developer said resemblesa a 1920s luxurycruise liner.
"Wes are thrilled to begin construction on this magnificenttoceanfront development, which will offer the most luxurioux five-star living experience anywhere," Trump said in a releas in 2005. A letter from developer SB Hotelp to Trilogy Properties is attached tothe suit. “Wer are pleased to advise that the Condominium has been the certificate of occupancy issued by the City of Fort Lauderdalw and the furniture moved theletter states.
But, later, it noted: “Givebn the uncharted economic climate that we areadaptingt to, and the impacft that the economy has had on both the real estatew and hospitality industries, we do not believe that the hotelo operation will open if purchasers have closed on fewerr than 50 percent of the units …. Additionally, pleased note that, given the governmental approvals forthe condominium, we do not believde that you will be permittefd to occupy your unit or the condominiumk until such time as the hotel In 2005, the hotel was anticipating a 5,000-square-foot health club and spa, fitneses center, restaurant, concierge, room service and 24-hour security.