News
Investor Files $350M Lawsuit, Claims Boxed Out of Hotel Deals
Hong Kong investment company JTS Trading Ltd has filed a $350M lawsuit claiming it has been squeezed out of a deal to purchase three hotels. JTS entered into a JV with Trinity White City Ventures Ltd, a UAE private trust, to purchase the Plaza Hotel and Dream Hotel in NYC as well as London’s Grosvenor House from Indian financial services group Sahara India Pariwar. JTS was slated to own 70% while TWVC would have held 30%, according to the Commercial Observer. The acquisition financing called for 25% to 35% equity with UBS Financial Services, which is also named as a defendant, providing the balance as debt. The suit alleges that TWVC breached its exclusivity provision with JTS at the inducement of UBS. [CO]
