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Trump Jr. Throws Party for Buyers at Trump Tower in Waikiki
Despite Ongoing Legal Battles Between Buyers and Developer Irongate Capital

By Andrew Gomes, The Honolulu AdvertiserMcClatchy-Tribune Regional News

Aug. 11, 2009--Donald J. Trump Jr., son of the flamboyant New York developer known as "The Donald", flew into town yesterday to host a VIP party for buyers in the Trump International Hotel & Tower Waikiki slated to open Nov. 16.

The party held last night for about 300 people, including 100 unit purchasers, was hosted at the Sheraton Waikiki with a partial view of the nearby 38-story "ultra luxury" tower receiving finishing touches.

"It's been a phenomenal project thus far," said Trump Jr., a vice president with Trump Organization, which is managing the hotel-condominium built by an affiliate of California-based developer Irongate Capital under a licensing agreement with Trump. "There's nothing like this building anywhere in the entire cityscape. There's really nothing like it."

The Waikiki project will be the first hotel under the Trump Hotel Collection brand to open in a resort destination.

Trump Jr., sporting slicked back hair and wearing a dark suit and pink tie, said he planned to return for the opening along with his sister, Ivanka, but that Trump Sr. may not be able to make an appearance because of filming for his TV show "The Apprentice."

Irongate locked in sales for all 462 Trump Waikiki units for a total of $700 million in November 2006, in what was the largest-ever one-day sale in real estate history.

Last month, more than a dozen buyers sued Irongate in state Circuit Court, alleging that the developer misled them into believing that Trump Sr. was co-developer of the project when he in fact was only licensing his name to the project.

A separate federal court lawsuit alleging Irongate defrauded the buyers also was filed, but later dismissed.

Irongate, in a separate suit against the plaintiffs, called their move a "sham lawsuit" by a handful of buyers who failed to close on their sales and are attempting to extort concessions from the developer.

Trump Jr. said yesterday that the licensing agreement is a standard clause found in any management contract between a hotel management firm and the owner of a hotel.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.

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Copyright (c) 2009, The Honolulu Advertiser

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