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Lawsuits

The developers of three Manhattan luxury hotels, the Mark, Alex, and Flatotel, all part of the Alexico hotel group, are suing lender Anglo Irish Bank. The bank's other loans have already been accused of collapsing Ireland's economy, so what's wrong now? The developers say the bank's attempts to sell off debt on the three hotels to Alexico competitors violate the developers' agreement with the lender. That agreement allegedly said Anglo Irish would not seek loan repayment until the refurbished suits at the Mark were resold. The bank could be waiting a long time. [Irish Times]

The Mark Hotel

25 E 77th St, New York, NY 11101