The credit crunch severely restrained a potential boom in Fort Lauderdale’s hotel market, and the wave of hotels and renovations that began three to four years ago is now a mass of foreclosures and failed plans. The Trump International Hotel & Tower faces foreclosure. The Broward County Convention Center hotel’s deal fell apart in December, and even if the county approves a new bid this year, the hotel may not be built until 2014. The project for the “1″ Hotel and Residences, a green resort brand chosen by hotel mogul Barry Sternlicht for Fort Lauderdale and four other cities, never started. And the Lago Mar’s $15 million expansion is delayed as the developer, Walter Banks, waits for the market to rebound. [Sun Sentinel]
Posts Tagged ‘trump international hotel’
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A state appeals court has offered South Florida condo buyers some relief in the form of refunded deposits for units in developments caught in the real estate bust. Buyers whose contracts include a liquidated damages clause are entitled to 25 percent of their money back, the Third District Court of Appeal said, even if they are eventually are found to be in default. The decision backs a Miami-Dade Circuit Court ruling in a case filed by attorney Robert Cooper against Terra Group, in which about 20 buyers put down $80,000 each in deposits on units at Quantum on the Bay in Miami. They later backed out of the deal, saying the developer did not deliver on promised amenities and monthly maintenance. The latest ruling could have a major impact on condo buyers elsewhere, according to Joseph Altschul, an attorney who is representing buyers trying to get out of their contracts at Trump International Hotel in Hollywood. [SFBJ]
