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Conrad Fort Lauderdale
The Conrad Fort Lauderdale is a luxury condominium-hotel resort located on ocean-front property on North Fort Lauderdale Beach Boulevard in Fort Lauderdale, Florida. The resort includes 181 condo-hotel units, as well as 109 condominium units in a separate building known as The Ocean Resort Residences. The project initially began construction in July 2005, as Trump International Hotel & Tower Fort Lauderdale. Donald Trump lent his name to the project through a licensing deal before being elected the President of the United States, with New York developer Roy Stillman and Bayrock Group as the project developers. The project's opening was initially scheduled for 2007, but was delayed several times.
Trump removed his name from the unfinished project in 2009, after the developer defaulted on the licensing agreement. By that time, lawsuits alleging breach of contract and misleading advertising had been filed against the project by several condominium buyers. Foreclosure for the project was filed in March 2010, and the building was sold in a foreclosure auction in March 2012. After several ownership changes and a $70 million renovation, the project opened in October 2017.
The property was initially occupied by the Merrimac and Gold Coast hotels, which were built on Fort Lauderdale Beach Boulevard in the 1950s. A condo hotel project was approved for the site in 2001. In December 2003, Donald Trump was interested in the proposed Gold Coast Merrimac Resort, which had been planned for the site of the two hotels. The 24-story resort had been approved for 240 hotel rooms and 80 timeshare units. By February 2005, Trump had become involved in the project, which was renamed as Trump International Hotel & Tower Fort Lauderdale, with New York developer Roy Stillman and Bayrock Group as partners. The project's developer was Stillman Bayrock Merrimac LLC. Stillman had been brought onto the project less than a year earlier, and arranged financing for it. Trump was also an equity investor in the project, and lent his name to it through a licensing agreement.
The project was designed by Michael Graves and Associates in collaboration with Oscar Garcia Architects. Graves redesigned the hotel to decrease its previous size. The redesign included 22 fewer units and 215 fewer parking spaces than when the project was initially approved in 2001. The 24-story tower was designed to resemble a luxury cruise liner from 1925. The project, to be built on a two-acre site at 551 North Fort Lauderdale Beach Boulevard, would include 298 units.
The project, considered essential in transforming the beach area into an upper-class tourist destination, was unanimously approved by the Fort Lauderdale commission on February 15, 2005. By that time, the Gold Coast/Merrimac hotel had been gutted to prepare for the new project. Construction was initially scheduled to begin in April 2005, with completion scheduled for 2007. Construction began in July 2005. The tower was expected to cost $200 million. Stiles Construction Company was the project's general contractor. A construction worker was killed on June 13, 2006, when steel scaffolding collapsed on him. By that time, the hotel had been scheduled to open in 2008. In December 2006, Corus Bankshares provided a $139 million construction loan to the project. Another construction accident occurred in January 2007, when a flagman for the site had his legs run over by a cement truck.
In October 2007, Trump expressed confidence in the Trump International project despite putting a second, nearby condo-hotel project on hold due to poor real estate conditions. Trump International was ultimately planned to open in 2009. The project had deposits on 70 percent of its units, but following the poor real estate market, many buyers eventually lost interest in the project or were among those who would eventually file lawsuits against it. Bayrock Group ultimately sold its interest in the project to an Icelandic firm.
In May 2009, investors were informed that they had to complete their unit purchases that month. The developer, known then as SB Hotel Associates LLC, stated that the project would likely remain unfinished if less than half of the units were purchased. Buyers were also informed that because of local zoning rules for condo-hotels, they could not occupy their units unless the entire hotel opened. By that time, various lawsuits had been filed by 30 buyers who wanted refunds on their 20-percent deposits.
The lawsuits alleged misleading advertising, with buyers stating that they were misled into believing that Trump's involvement in the project was fully confirmed. However, sales contracts, which referred to the project as the SB Fort Lauderdale Hotel & Condominium, stated that Trump had the right to end the licensing deal and remove his name from the project. Additionally, it was alleged that the marketing materials suggested Trump was a developer in the project, including a letter to investors in which Trump referred to the project as his "latest development." Other marketing material referred to the project as a "signature Trump development." The lawsuits also alleged breach of contract for the failure to have the project completed by December 2008. By the time of the lawsuits, Trump had told the developers that they could not use his name for the project after they defaulted on the licensing agreement.
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Conrad Fort Lauderdale
The Conrad Fort Lauderdale is a luxury condominium-hotel resort located on ocean-front property on North Fort Lauderdale Beach Boulevard in Fort Lauderdale, Florida. The resort includes 181 condo-hotel units, as well as 109 condominium units in a separate building known as The Ocean Resort Residences. The project initially began construction in July 2005, as Trump International Hotel & Tower Fort Lauderdale. Donald Trump lent his name to the project through a licensing deal before being elected the President of the United States, with New York developer Roy Stillman and Bayrock Group as the project developers. The project's opening was initially scheduled for 2007, but was delayed several times.
Trump removed his name from the unfinished project in 2009, after the developer defaulted on the licensing agreement. By that time, lawsuits alleging breach of contract and misleading advertising had been filed against the project by several condominium buyers. Foreclosure for the project was filed in March 2010, and the building was sold in a foreclosure auction in March 2012. After several ownership changes and a $70 million renovation, the project opened in October 2017.
The property was initially occupied by the Merrimac and Gold Coast hotels, which were built on Fort Lauderdale Beach Boulevard in the 1950s. A condo hotel project was approved for the site in 2001. In December 2003, Donald Trump was interested in the proposed Gold Coast Merrimac Resort, which had been planned for the site of the two hotels. The 24-story resort had been approved for 240 hotel rooms and 80 timeshare units. By February 2005, Trump had become involved in the project, which was renamed as Trump International Hotel & Tower Fort Lauderdale, with New York developer Roy Stillman and Bayrock Group as partners. The project's developer was Stillman Bayrock Merrimac LLC. Stillman had been brought onto the project less than a year earlier, and arranged financing for it. Trump was also an equity investor in the project, and lent his name to it through a licensing agreement.
The project was designed by Michael Graves and Associates in collaboration with Oscar Garcia Architects. Graves redesigned the hotel to decrease its previous size. The redesign included 22 fewer units and 215 fewer parking spaces than when the project was initially approved in 2001. The 24-story tower was designed to resemble a luxury cruise liner from 1925. The project, to be built on a two-acre site at 551 North Fort Lauderdale Beach Boulevard, would include 298 units.
The project, considered essential in transforming the beach area into an upper-class tourist destination, was unanimously approved by the Fort Lauderdale commission on February 15, 2005. By that time, the Gold Coast/Merrimac hotel had been gutted to prepare for the new project. Construction was initially scheduled to begin in April 2005, with completion scheduled for 2007. Construction began in July 2005. The tower was expected to cost $200 million. Stiles Construction Company was the project's general contractor. A construction worker was killed on June 13, 2006, when steel scaffolding collapsed on him. By that time, the hotel had been scheduled to open in 2008. In December 2006, Corus Bankshares provided a $139 million construction loan to the project. Another construction accident occurred in January 2007, when a flagman for the site had his legs run over by a cement truck.
In October 2007, Trump expressed confidence in the Trump International project despite putting a second, nearby condo-hotel project on hold due to poor real estate conditions. Trump International was ultimately planned to open in 2009. The project had deposits on 70 percent of its units, but following the poor real estate market, many buyers eventually lost interest in the project or were among those who would eventually file lawsuits against it. Bayrock Group ultimately sold its interest in the project to an Icelandic firm.
In May 2009, investors were informed that they had to complete their unit purchases that month. The developer, known then as SB Hotel Associates LLC, stated that the project would likely remain unfinished if less than half of the units were purchased. Buyers were also informed that because of local zoning rules for condo-hotels, they could not occupy their units unless the entire hotel opened. By that time, various lawsuits had been filed by 30 buyers who wanted refunds on their 20-percent deposits.
The lawsuits alleged misleading advertising, with buyers stating that they were misled into believing that Trump's involvement in the project was fully confirmed. However, sales contracts, which referred to the project as the SB Fort Lauderdale Hotel & Condominium, stated that Trump had the right to end the licensing deal and remove his name from the project. Additionally, it was alleged that the marketing materials suggested Trump was a developer in the project, including a letter to investors in which Trump referred to the project as his "latest development." Other marketing material referred to the project as a "signature Trump development." The lawsuits also alleged breach of contract for the failure to have the project completed by December 2008. By the time of the lawsuits, Trump had told the developers that they could not use his name for the project after they defaulted on the licensing agreement.