A man convicted of murdering a father and son in a Miami hotel room nearly 30 years ago lost his bid to have the conviction overturned Friday.

Kris Maharaj wasn't present for the 9:30 a.m. hearing in the courtroom of Miami-Dade Circuit Judge William Thomas, who said he "fully considered" the new evidence in the case but denied Maharaj's motion to have the conviction overturned.

"[The] evidence falls dramatically short of establishing that the murders were committed by anyone other than Mr. Maharaj," Thomas said.

Maharaj will be able to appeal Thomas' ruling.

Maharaj, who turns 76 this month, was found guilty in the October 1986 murders of Derrick Moo Young and son Duane, who were found slain inside a room at the Dupont Plaza Hotel in downtown Miami.

Prosecutors said Maharaj killed the two men because the Moo Youngs owed him more than $400,000.

Maharaj, a British citizen and self-made millionaire who invested in real estate and horses and traded produce, was sentenced to death following his 1987 trial. The death sentence was later overturned and he was given life in prison.

This past November, a hearing was held before Judge Thomas after Maharaj filed to have his conviction overturned. At the hearing, attorneys for Maharaj revealed evidence they say shows that a Colombian drug cartel — and notorious drug lord Pablo Escobar — were responsible for the killings.

Attorney Clive Stafford Smith said the Moo Youngs owed money to Escobar, who had them killed.

In an exclusive interview in November, Maharaj told NBC 6 he was at the hotel but left to attend another meeting.

"If I was gonna kill them, I was gonna wait until I got my money first," Maharaj said.

Prosecutors have called the new claims hearsay and said all of the evidence of Escobar's involvement is speculation.

Maharaj's convictions have been upheld on multiple occasions by appellate courts and the Florida Supreme Court.

"It is difficult to see how anyone can justify upholding Kris’ conviction," Smith said in a statement before Friday's hearing. "If the judge delivers justice, I just hope that the prosecution does not try to keep him in prison while they take a fruitless appeal. We will be ready for a retrial in a very short time."