Executive Hotel Associates v. Elm Hotel Corp.

In this rent nonpayment summary proceeding instituted by Executive Hotel Associates, a limited partnership, the petition was signed by one of the limited partners who was designated as chairman of a committee of the limited partners. The landlord, Executive Hotel Associates, is a typical real estate syndication launched on May 23, 1960 in the glowing aura of a promised return to limited partners on an investment of over $400,000', of 12% the first two years, 13% during the third year, 14% during the fourth year, and 15% regularly thereafter for the remaining period of the initial term of 25…