LAS VEGAS (CN) – Investors say in a class action lawsuit that they were conned into buying air rights to condominium-hotel rooms at the Trump International Hotel & Tower that are less valuable than promised. The eight plaintiffs say the hotel netted “millions of dollars” from investors who bought condos for $565,000 to $780,000. – N.D.
Plaintiffs say they paid a 20 percent deposit for air rights on top of the purchase prices. They say the defendants informed them that they could expect easy money and high occupancy rates when their units were rented out to tourists.
Plaintiffs say they were persuaded “that as a result of the Trump brand, (the) rental program, room rates, occupancy rates, hotel reservations and other amenities … would be profitable and the value of the security would appreciate.”
But they say their revenue share was “significantly less” than the amount represented. Plaintiffs want the contracts rescinded. They also seek damages and civil penalties.
Plaintiffs are represented in Clark County Court by Robert Gerard.