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Securities Regulation Keyed to Cox
Salameh v. Tarsadia Hotel
Citation:
726 F.3d 1124 (2013)Facts
Plaintiffs purchased condominiums in the Hard Rock Hotel San Diego, a twelve-story mixed-use development with 420 condominium units. Through television and print advertising, the public was offered opportunities to purchase these condominiums. Plaintiffs executed Purchase Contracts with 5th Rock LLC and later signed Rental Management Agreements with Tarsadia Hotels eight to fifteen months after the initial purchases. Plaintiffs alleged they had no control over their units, were not issued keys but had to obtain them from the hotel operator when staying in their units, and were subject to a local zoning ordinance prohibiting occupancy for more than twenty-eight days per year. Plaintiffs claimed the contracts together formed an investment contract because they expected profits only through the efforts of the hotel developer and operator. Plaintiffs brought eight claims including violations of federal securities laws, California securities laws, and common-law fraud.
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