Repeated demands for payment have been made on Mr. Bisaria and his wife, but they have refused to pay. Unfortunately, they took advantage of my client’s generosity to finance a lavish lifestyle instead of using the loans for the intended purpose.
Miami, FL (PRWEB) July 13, 2010
A federal lawsuit filed by a private lender in West Palm Beach, Florida alleges that a wealthy Florida businessman defaulted on loans well in excess of one million dollars. According to the suit filed by Miami-based Cueto Law Group, the loans were extended to help finance a large hotel development complex.
According to the lawsuit documents (U.S. District Court for the Southern District of Florida, case No. Civ 10: 80725): the lender filed suit against Florida businessman Atul Bisaria and his wife, Mihu Bisaria, who both signed promissory notes securing a series of loans. It was understood that the funds were to be used to finance the $25 million renovation of the Hilton Pittsburgh hotel, the largest hotel in the city. The hotel was purchased by Bisaria’s Shubh Hotels LLC in 2006. Amidst mounting financial trouble, Bisaria recently sold a large portion of the hotel development project to a group of investors including Miami developer Jorge Perez, Related Companies president Stephen Ross and philanthropist Dr. Kiran Patel. Ross is better known as the owner of the Miami Dolphins football team.
Bisaria is principal of Shubh Pittsburgh Hotel Investments, LLC and Shubh Hotels LLC. -- owner of the Cornhusker Marriott in Lincoln, Nebraska and Guess Suites hotel in Boca Raton, Florida. He was better known in recent years for his purchase of the master franchise rights to the Planet Hollywood brand in India. The second Planet Hollywood Hotel and Resort in the world is slated to open in India in 2012. The first was opened in Las Vegas in 2007.
According to Miami attorney Santiago A. Cueto, who represents the Plaintiff, “repeated demands for payment have been made on Mr. Bisaria and his wife, but they have refused to pay. Unfortunately, they took advantage of my client’s generosity to finance a lavish lifestyle instead of using the loans for the intended purpose.”
The lawsuit is pending in the U.S. District Court for the Southern District of Florida, case No. Civ 10: 80725.
About: Cueto Law Group, P.L. is a Miami-based international law firm specializing in complex, high-profile and multi-jurisdictional litigation. By combining sophisticated legal representation with the efficiency, focus and personal service of a boutique firm, Cueto Law Group has become the firm of choice for resolving complex business disputes around the globe. You can learn more about Cueto Law Group by visiting the firm's website at http://www.CuetoLawGroup.com and business journal at http://www.IntlBusinessLaw.com.
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