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But those projections were way off, the plaintiffs allege.

“When calculated correctly, the rental rates and occupancy rates were drastically less than the figures represented to the plaintiffs and prospective investors,” notes the statement of claim, pointing to occupancy rates well below 50% and room rates in the $300-$400 range on selected dates. “As a result… instead of receiving a return on their investment, the income statements showed substantial losses.”

Mr. Shnaider and Mr. Levitan, however, noted that room rates cannot be seen in isolation on any given date, pointing to massive fluctuations over the course of a year; a room that goes for $300 during a summer lull, for example, may go for $900 when a major festival is in town.

I don’t know of any novice buyer that would make a million-dollar investment

The plaintiffs, who must pay the balance of their purchase price upon closing next week, also say they have been unable to obtain mortgage financing, “contrary to the representations made by Trump and/or Talon.” About 40 other Trump buyers are contemplating similar legal action, Mr. Landmann says.

Mr. Shnaider and Mr. Levitan, who derided the lawsuit as a callous publicity stunt, said buyers had multiple opportunities to extricate themselves from the deal as hotel construction was delayed for several years, but they chose not to. Buyers were also given “voluminous” documents to review before signing the deal, Mr. Levitan noted.

“I don’t know of any novice buyer that would make a million-dollar investment,” he said.

Talon says it never guaranteed any return on investment, and both Mr. Shnaider and Mr. Levitan — who have turned to the courts themselves to try to enforce deals with other buyers looking to renege — say they forbade sales staff from speculating on the project’s money-making potential.

“The profitability can be assessed in the following years to come, when the hotel will stabilize itself,” Mr. Levitan said, “and when the profits will become a testament to the quality of the product.”