PALM BEACH, Fla.--(BUSINESS WIRE)--Palm House Hotel, Limited Liability Limited Partnership (“LLLP”), today announced that thirteen lawsuits involving the Palm House Hotel Condominiums have now been examined and mediated. Cary Glickstein, mayor of Delray Beach, Florida, has been appointed as receiver to complete development of the planned 5-star hotel.
The Plaintiff, Defendants, and Counter-Plaintiffs have entered into a confidential agreement that was approved and ratified by Judge Donald W. Hofele, Circuit Court Judge.
The matter was resolved in mid-May prior to a scheduled court hearing. The court document notes that the Court retains jurisdiction for matters arising from or related to the terms and conditions of the Confidential Agreement.
Joseph Walsh, spokesperson for the General Partner of Palm House Hotel, LLLP, noted that the process has been satisfactorily handled. “We are gratified that a respected mayor of Delray Beach has been appointed as receiver and have full confidence in his judgement. We are enthusiastic about completing the project, and know the end result will benefit all parties including the limited partners.”
Palm House Hotel, LLLP, a Florida limited partnership, aggregated and loaned to the Palm House Hotel project a significant portion of the funding necessary for development. This loan was comprised of financial immigrant capital from limited partners, and was raised via the United States’ safe and established EB-5 immigrant visa program. The EB-5 program was passed by Congress in 1990, and was created to stimulate economic growth and provide new jobs in America by allowing financial immigrants the opportunity to fund new businesses in the US. The program provides priority consideration for green card status of international financiers.
About The Palm House Hotel Condominiums:
The Palm House Hotel Condominiums are currently under construction, and located at 160 Royal Palm Way on Palm Beach Island. The hotel features 5-star luxury accommodations, and has been designated as the last luxury hotel to be approved in the exclusive Florida island community.