The Real Deal Miami

Hotel-condo owners suffer 

April 07, 2008 05:55PM

Investors who bought into hotel condos to reap profits while retaining a temporary vacation home are now suffering as they pour money into the units and get little in return. Some unit owners are suing the developers of the buildings who they say misled them to believe they would profit from the investments. Fort Myers resident Michael Trombley, a retired baseball pitcher, filed a lawsuit against a Clearwater, Fla. developer because he claims he was told purchasing a unit that would be a good investment. Trombley pays $14,000 a month for the unit, which has dropped 40 percent in value.