Wyndham Pulls Out Of Peebles Deal In FL

FT. LAUDERDALE— R. Donahue Peebles bid to build Broward Countys first major minority-owned hotel is dead, according to The Miami Herald. Peebles latest business partner, Wyndham International, has backed out of its deal with the well-known African American developer, leaving no other major chain in a position to invest in and manage the hotel. The county must now scramble to find a new developer who can complete the hotel next to the Broward County Convention Center by November 2003, so it can house already-booked groups in its expanded convention center. Meanwhile, Peebles said Thursday he will expect the county to pay his expenses, which he now estimates at $3 million to $4 million. In March, he put the figure at $2 million. On July 26, Wyndham sent a letter to Peebles terminating the partnership due to its inability to negotiate with the County on two points in the proposed agreement: a $4 per night surcharge, and details of the management contract. Adding to the confusion, Peebles said, the written lease amendment received by his company last week contained several changes from what was agreed to at the meeting, including revisions to the terms of future sale, should he or Wyndham sell their interests in the project. (7/31/01) SOURCE: The Miami Herald