>Gansevoort Files Suit Over Miami Hotel

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>February 5, 2010 – Gansevoort Fla., LLC, the current manager of the Gansevoort South Hotel in Miami and an affiliate of the Gansevoort Hotel Group, filed suit today against Column Financial, an affiliate of Credit Suisse. The suit is seeking a judicial determination regarding the status of the existing management agreement between the hotel ownership and Gansevoort Fla. The suit alleges that Column’s affiliates, as the current owners of the Hotel, do not have the right to terminate the management agreement and dismiss Gansevoort Fla. as manager of the 334-key Gansevoort South resort. The suit further alleges that the current ownership is in breach of the agreement and intends to replace the existing management with a management company with inadequate operating experience for the clientele, style, cachet and vast array of amenities of Gansevoort South, while continuing to operate the Hotel under the prestigious Gansevoort name.

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