Landry's Owes $3M For Terminating Texas Hotel's Lease

Law360, Houston (August 12, 2013, 5:00 PM EDT) -- A Texas jury said Friday that billionaire Tilman Fertitta’s hospitality empire Landry's Restaurants Inc. must pay a $3 million lease termination fee to a Galveston hotel that was destroyed by Hurricane Ike and later redeveloped into an amusement park.

Jurors handed down the verdict following nine days of testimony, finding that The Flagship Hotel Inc. had been “constructively evicted” as a result of the 2008 hurricane and Landry’s subsequent refusal to repair the property, the remnants of which were later demolished to resurrect the Galveston Island...
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