Documents tagged "Keith"
Found 3 documents with this tag
HOUSE_OVERSIGHT_029520.txt
In 2012, a $91M hotel-condo project called Palm House was marketed to Chinese, Iranian and Turkish investors as a promising EB-5 investment. The marketing materials featured photos of the Clintons and Donald Trump as part of an advisory board along with celebrities like Celine Dion and Tony Bennett. However, more than six years later, the project remains unfinished and the hotel's dilapidated structure was sold in a bankruptcy auction for just shy of $40 million to a U.S. affiliate of London & Regional Properties. The key people involved in the project, Robert Matthews and Nicholas Laudano, pleaded guilty to fraud charges related to EB-5 funding misappropriation, while the 91 investors lost their $500,000 investments and never received their green cards.
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.