Turnberry loses $6 mil arbitration but refuses to pay Fairmont

After years of exhibiting a Midas touch in all its development deals, the Soffer family seems to have hit a rough patch.

Their signature Turnberry Isle resort in Aventura is hemorrhaging money and at war with the Fairmont Hotels & Resorts chain; son Jeffrey Soffer's Las Vegas Fontainebleau is in bankruptcy and contractors are suing over $60 million in unpaid bills at the Fontainebleau Miami Beach.

Now comes news that an arbiter has ordered the Soffers' Turnberry resort to pay $6 million it withheld in a dispute with Fairmont Hotels & Resorts. But, the Miami Herald is reporting, Turnberry's lawyers have told the Fairmont not to hold its breath waiting for the check. The $6 million, they argue, is just a part of larger claims Turnberry has against the Fairmont chain for mismanagement of the resort.

For the Herald's story, go to: http://www.miamiherald.com/business/story/1309396.html


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