Tuesday, November 10, 2009

Miami Luxury Resorts, Miami Commercial Real Estate

Turnberry told to pay $6M to Fairmont

Turnberry Isle resort (The Soffer family) must pay $6 million to the hotel’s operator -- fees held back over accusations of mismanagement at the money losing Aventura luxury resort.

After Turnberry dropped its objection to the claim, a judge awarded the $6 million in back fees and interest to Fairmont Hotels & Resorts. But after giving up in the arbitration, a Turnberry lawyer wrote Fairmont that the owner won't pay the fee because other claims against Fairmont are much larger.

``Turnberry disputes any net liability in favor of Fairmont,'' Turnberry lawyer Marc Marmaro wrote in an e-mail Tuesday to Fairmont. ``Turnberry's position is that Fairmont owes substantially more in damages than the amount of the arbitration award.''

Full Article...Miami Luxury Resorts, Miami Commercial Real Estate

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