Developer Gives Ultimatum to Broward County, Fla., on Convention Center Hotel.

Publication: The Miami Herald (Miami, Florida) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2001 The Miami Herald

Feb. 27--Developer R. Donahue Peebles officially notified Broward County on Monday that unless he gets a multi-decade operating agreement as part of the $72 million Convention Center Hotel deal, he wants out immediately and he wants his money back -- about $2 million, he says.

Peebles' refusal to merely build the long-delayed hotel if he can't also manage it may signal the end of four years of tortured negotiations over the project. It was originally envisioned by the county as a way to give minorities a high-profile stake in Broward's signature tourism industry.

Last fall, Peebles enlisted the aid of several prominent minority businessmen and activists, who showed up at commission meetings and promised a backlash if he were terminated for having failed to break ground on time.

As long-term manager of the property, Peebles said he would be in a position to ensure minority firms share in the hotel's success.

"It's not just about making a few million dollars; it's about living up to the expectations that the community has of me as a minority company," Peebles said. "This is...

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