HOUSE_OVERSIGHT_027064.jpg
1.69 MB
Extraction Summary
6
People
7
Organizations
4
Locations
3
Events
2
Relationships
4
Quotes
Document Information
Type:
News article / web clipping
File Size:
1.69 MB
Summary
This document is a news clipping regarding the bankruptcy auction of the Palm House Hotel in Palm Beach. It details that RREF II PALM HOUSE LLC, an affiliate of Related Companies (led by Justin Metz), placed a 'stalking horse' bid of $32 million. The text outlines the financial history of the stalled project, including $115 million in creditor claims and fraud allegations against the former developer, with an auction scheduled for November 16, 2018.
People (6)
| Name | Role | Context |
|---|---|---|
| Stephen Ross | Affiliate/Owner |
Mentioned in the caption 'Related Companies Stephen Ross600'
|
| Justin Metz | Managing Principal |
Managing Principal of Related Companies; leads RREF II PALM HOUSE LLC
|
| Robert Given | Marketing Adviser |
Broker for Cushman & Wakefield
|
| Errol Blumer | Marketing Adviser |
Broker for Cushman & Wakefield
|
| Michael Mulkern | Marketing Adviser |
Broker for Cushman & Wakefield
|
| Robert Kaplan | Marketing Adviser |
Broker for Cushman & Wakefield
|
Organizations (7)
| Name | Type | Context |
|---|---|---|
| Related Companies |
Real estate firm bidding on the property
|
|
| RREF II PALM HOUSE LLC |
Stalking horse bidder affiliate
|
|
| Palm House Hotel |
Property subject to bankruptcy auction
|
|
| U.S. Bankruptcy Court |
Legal venue for the filing
|
|
| Securities and Exchange Commission |
Investigating former developer for fraud
|
|
| Cushman & Wakefield |
Real estate services firm marketing the property
|
|
| House Oversight Committee |
Implied by Bates stamp HOUSE_OVERSIGHT
|
Timeline (3 events)
Locations (4)
| Location | Context |
|---|---|
|
Subject property
|
|
|
Location of the hotel project
|
|
|
Location of Related Companies address
|
|
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Location of the scheduled auction
|
Relationships (2)
Identified as Managing Principal
Article states RREF is an affiliate and shares address
Key Quotes (4)
"An affiliate of the Related Companies has emerged as the initial bidder for the Palm House Hotel"Source
HOUSE_OVERSIGHT_027064.jpg
Quote #1
"The company is offering $32 million for the property, which will set the floor price for a bankruptcy auction"Source
HOUSE_OVERSIGHT_027064.jpg
Quote #2
"former developer now faces allegations of fraud by the Securities and Exchange Commission and a group of EB-5 investors"Source
HOUSE_OVERSIGHT_027064.jpg
Quote #3
"Given said he expects the property to sell for up to $40 million"Source
HOUSE_OVERSIGHT_027064.jpg
Quote #4
Full Extracted Text
Complete text extracted from the document (1,556 characters)
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Palm House Hotel, Related Companies Stephen Ross600
An affiliate of the Related Companies has emerged as the initial bidder for the Palm House Hotel as the failed condo-hotel project heads to a bankruptcy auction.
The stalking horse bidder, RREF II PALM HOUSE LLC, has the same address as Related Companies in New York and is led by Related Companies Managing Principal Justin Metz, according to a filing in U.S. Bankruptcy Court. The company is offering $32 million for the property, which will set the floor price for a bankruptcy auction scheduled for next month. Bids at the auction will start at $32.5 million.
The 79-unit condo-hotel project on Palm Beach Island stalled in 2014 and its former developer now faces allegations of fraud by the Securities and Exchange Commission and a group of EB-5 investors. In August, the property filed for bankruptcy under its court appointed receiver with creditors claims totaling $115 million.
Cushman & Wakefield’s Robert Given, Errol Blumer, Michael Mulkern and Robert Kaplan are the exclusive marketing advisers for the property. The auction is scheduled for 10 a.m. on November 16, 2018 in West Palm Beach.
Given said he 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 the wealthy enclave of Palm Beach. He said the next owner will likely not redevelop the
The stalking horse bidder, RREF II PALM HOUSE LLC, has the same address as Related Companies in New York and is led by Related Companies Managing Principal Justin Metz, according to a filing in U.S. Bankruptcy Court. The company is offering $32 million for the property, which will set the floor price for a bankruptcy auction scheduled for next month. Bids at the auction will start at $32.5 million.
The 79-unit condo-hotel project on Palm Beach Island stalled in 2014 and its former developer now faces allegations of fraud by the Securities and Exchange Commission and a group of EB-5 investors. In August, the property filed for bankruptcy under its court appointed receiver with creditors claims totaling $115 million.
Cushman & Wakefield’s Robert Given, Errol Blumer, Michael Mulkern and Robert Kaplan are the exclusive marketing advisers for the property. The auction is scheduled for 10 a.m. on November 16, 2018 in West Palm Beach.
Given said he 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 the wealthy enclave of Palm Beach. He said the next owner will likely not redevelop the
HOUSE_OVERSIGHT_027064
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