Morrison Cohen Client in Press Regarding Ownership of Luxury Miami Hotel

Morrison Cohen client RFR Holding and its principal Aby Rosen, co-owner of the W South Beach hotel in Miami, were recently featured in Commercial Observer and The Real Deal regarding a contentious battle between Rosen and co-owner David Edelstein over a failed deal for control of the oceanfront hotel.

The longtime partners, developers RFR and Edelstein’s Tristar Capital (“Tricap”), recently filed lawsuits against each other in Miami-Dade Circuit Court and New York Supreme Court, each claiming that the other had breached an agreement over their interest in South Florida Mezzanine Investors, a jointly owned entity that indirectly owns the hotel.

RFR maintains that Tricap walked away from a $200 million agreement they had reached in October to obtain a controlling interest in South Florida Mezzanine Investors from RFR because the agreement was actually a “ruse” to extend the maturity on a $157.4 million loan, according to the claim. RFR claims that while Tricap was “ostensibly negotiating in good faith,” it was instead “merely stringing [RFR] along in an effort to extract additional concessions,” the New York lawsuit states.

Chair and Co-Managing Partner Y. David Scharf and Associate Jeremy Weinstein are representing RFW Beach Debt LLC in this matter, which is owned by RFR Holding, Aby Rosen and Michael Fuchs.

Read The Real Deal article here

Read the Commercial Observer article here.