Buyers of the villas at Mandarin Oriental Dellis Cay are suing the developers of the Turks and Caicos resort, as well as lender Trinidad and Tobago Unit Trust Corp., and Mandarin Oriental Hotel Group., for luring in $50M in deposits and spending some of those funds on personal expenses. Construction on the villas stalled in 2009; the property, which also includes a 25-room hotel, is 20 to 30 percent complete. [WSJ]
Filed under: