The Miami-Dade Circuit Judge Lisa Walsh ruled in favor of hotel developer Rodrigo Azpurua, stating that the investors failed to prove any wrongdoing regarding their lawsuit.
"That the Hotels may not have been managed post-pandemic in the most efficient manner in terms of the per room expenses or operating expense ratio does not justify the extraordinary remedy of appointing a receiver," the judge stated.
Azpurua celebrated the ruling, emphasizing it would enable his company to sell the hotels and recoup as much money as possible for the investors.
"We understand the investors' anxiety, as operating losses caused their equity to diminish. But as with virtually all real estate developments, this venture carried risk," Azpurua said.
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