Documents tagged "Bankruptcy Court"
Found 2 documents with this tag
HOUSE_OVERSIGHT_027068.txt
The Related Companies is the initial bidder for the Palm House Hotel, which failed as a condo-hotel project. The stalking horse bidder, RREF II PALM HOUSE LLC, led by Related Companies Managing Principal Justin Metz, is offering $32 million for the property in a bankruptcy auction scheduled for next month. Bids at the auction will start at $32.5 million. The property faces allegations of fraud by the Securities and Exchange Commission and EB-5 investors. Given expects the property to sell for up to $40 million, and it could be the last opportunity for a developer to own a hotel in Palm Beach.
HOUSE_OVERSIGHT_027063.txt
The document discusses a bid for the Palm House Hotel, which is located in Palm Beach. The bidder is an affiliate of Related Companies, led by Stephen Ross and Justin Metz. The property has faced legal issues related to fraud allegations from the Securities and Exchange Commission and EB-5 investors. Cushman & Wakefield's Robert Given, Errol Blumer, Michael Mulkern, and Robert Kaplan are marketing advisers for the property. The bid price is $32 million, with a floor price of $32.5 million at the bankruptcy auction scheduled for November 16, 2018 in West Palm Beach.