Arbitrators have awarded damages to the management company ousted for the Setai Miami Beach in 2012.
Singapore-based General Hotel Management, or GHM, has announced that the ICC International Court of Arbitration ruled that allegations of mismanagement were without merit and GHM should be awarded damages, according to the Miami Herald.
“The damages and costs awarded to GHM thus far are in excess of $10 million,” Daniel Benavides, an attorney representing GHM, said in a statement. “GHM still has pending tort claims in state and federal court which may yield additional damages awards.”
The hotel’s owner, an affiliate of Lehman Brothers Holdings, booted GHM and installed Trevi Luxury Hospitality Group two years ago. [Miami Herald] – Christopher Cameron