REIT Sues Real Estate Firm Over $2M Hotel Deposit

Law360, New York (May 17, 2012, 4:51 PM EDT) -- A Connecticut-based real estate investment trust sued a Virginia-based real estate advisory firm last week, demanding that the firm return nearly $2 million it received as an escrow deposit for an uncompleted purchase of a loan for a San Francisco hotel.

The REIT, HEI Hospitality Fund Acquisition III LLC, claims that the defendant, Molinaro Koger Inc., refuses to relinquish the funds after a potential hotel transaction was never completed, according to a complaint filed May 10 in Virginia federal court. The $2 million was to be...
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