ORLANDO: Condo-Hotel Buyers See Investments Sour as Market Weakens
For many investors, the condo hotel may go down as the Pets.com of the real-estate bubble. Many buyers purchased the hotel rooms from developers hoping to get paid every time the room was rented. But condo hotels are coming back to haunt many of the people who bought the units, the developers that constructed the buildings, and the operators hired to run the hotels. Some projects also are being brought to the attention of regulators by investors. Some condo-hotel buyers are happy. But other buyers are suing developers to get out of their contracts, claiming they were misled. In Florida, a group of buyers is suing WCI Communities Inc., claiming the developer sold them condo hotels in the waterfront Resort at Singer Island as unregistered securities. [Source: Wall Street Journal]
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