BRE Atlas Prop. Owner LLC v. KS Development, LLC C
This breach of contract action involves an unconsummated purchase and sale of nine hotels. The parties, defendant, cross-complainant and appellant KS Development, LLC (Buyer), and plaintiffs, cross-defendants and respondents BRE Atlas Property Owner LLC, BRE SSP Property Owner LLC, BRE SH Brisbane Owner LLC, BRE Newton Hotels Property Owner LLC, BRE SSP Thousand Oaks LLC, and BRE Polygon Property Owner LLC (collectively Seller), each contended the other party breached the purchase and sale agreement, and each claimed entitlement to a $9 million deposit held in escrow.
The trial court found that Buyer breached the purchase and sale agreement and that Seller was entitled to the $9 million deposit as liquidated damages. Substantial evidence supports the trial court’s findings, and we therefore affirm the judgment.
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