The thing, a condo-hotel in Miami Beach, has three towers and: * 74 hotel rooms
* Amenities such as hallways, lobbies, and elevators
* Over 500 condos Z Capital Group, a New York-based merchant bank, owns and manages the condo-hotel, has the right to assess owners for maintenance and renovations, and can charge a spa access fee that increases 10 percent annually.
New York-based merchant bank Z Capital Group owns and manages nearly the entirety of the three-tower condo-hotel in Miami Beach. Its purview extends to the 74 hotel rooms, amenities and common areas such as hallways, lobbies and elevators, and it has the right to assess the owners of the over 500 condos for the maintenance and renovations of these areas.
Z Capital can also charge them a spa access fee that can increase 10 percent annually. Condo owners "have no say in how the recreational and other commonly used facilities are maintained, what price they are charged or how their money is spent, decisions that are all within [Z Capital's] complete and authoritarian control," residents said in a court filing.
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