GHM has been awarded damages after an international court found that its management of the Setai Miami was improperly terminated by the hotel’s owner, Lehman Brothers.
GHM is the principal hospitality interest of Adrian Zecha following the iconic hotelier’s departure from Amanresorts.
In a statement, GHM said that following two years of arbitration proceedings in Florida after the forceful takeover of The Setai Miami in the pre-dawn hours of March 31, 2012, the ICC International Court of Arbitration ruled that all previous allegations of mismanagement were baseless and awarded damages to GHM for improper termination of GHM’s hotel management agreement.
GHM said that in its findings the tribunal concluded that GHM complied with the contract in all respects and chided the owner’s attempts to find excuses to terminate the management agreement.
A Lehman Brothers expert at the trial had "conceded that GHM achieved RevPAR levels that were 76 percent higher than the competitive set".
GHM president Hans R. Jenni said: "Needless to say, we are very pleased with the tribunal’s conclusion, along with the complete and total legal victory.
"More importantly, it vindicates GHM of the wrongful accusations and upholds our reputation as a hotel management company of the highest repute and calibre."
Lehman has 30 days from the date of the tribunal’s decision to make full compensation to GHM.
