Tower Hotels Fund 2014 v. Kauai Lagoons Grand Ave. Partners CA2/4

CourtCalifornia Court of Appeal
DecidedFebruary 20, 2025
DocketB328039
StatusUnpublished

This text of Tower Hotels Fund 2014 v. Kauai Lagoons Grand Ave. Partners CA2/4 (Tower Hotels Fund 2014 v. Kauai Lagoons Grand Ave. Partners CA2/4) is published on Counsel Stack Legal Research, covering California Court of Appeal primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Tower Hotels Fund 2014 v. Kauai Lagoons Grand Ave. Partners CA2/4, (Cal. Ct. App. 2025).

Opinion

Filed 2/20/25 Tower Hotels Fund 2014 v. Kauai Lagoons Grand Ave. Partners CA2/4 NOT TO BE PUBLISHED IN THE OFFICIAL REPORTS

California Rules of Court, rule 8.1115(a), prohibits courts and parties from citing or relying on opinions not certified for publication or ordered published, except as specified by rule 8.1115(b). This opinion has not been certified for publication or ordered published for purposes of rule 8.1115.

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA

SECOND APPELLATE DISTRICT

DIVISION FOUR

TOWER HOTELS FUND 2014, B328039 (Los Angeles County Plaintiff and Appellant, Super. Ct. No. BC604859)

v.

KAUAI LAGOONS GRAND AVENUE PARTNERS et al.,

Defendants and Respondents.

APPEAL from a judgment of the Superior Court of Los Angeles County, Jon R. Takasugi, Judge. Affirmed. Keesal, Young & Logan, Samuel A. Keesal, Jr., Michelle L. Abdolhosseini, Maya Barba and Ben Suter for Plaintiff and Appellant. Baute Crochetiere Hartley & McCoy, David P. Crochetiere, Gina McCoy and Mark D. Baute for Defendant and Respondent. INTRODUCTION Appellant Tower Hotels Fund 2014, LLC (Tower Fund) sued its business partner, respondent Kauai Lagoons Grand Avenue Partners, LLC (GAP), for breach of contract. Tower Fund alleged GAP improperly entered certain agreements on behalf of their partnership without Tower Fund’s consent. After a 13-day trial, the jury rendered a verdict for GAP, finding Tower Fund had failed to perform its own obligations under the partnership agreement. Tower Fund now appeals, arguing the trial court should have permitted it to assert causes of action for fraud and negligent misrepresentation, allowed it to seek rescission and restitution as remedies, and instructed the jury on the priority of certain clauses within the contract. Tower Fund also contends GAP’s closing argument confused and prejudiced the jury. We conclude the trial court did not abuse its discretion when it excluded the fraud and negligent misrepresentation claims, the court properly barred the rescission remedy, Tower Fund suffered no prejudice by the exclusion of the restitution remedy or the failure to instruct, and Tower Fund failed to preserve its right to challenge the closing argument on appeal. Therefore, we affirm the judgment.

FACTUAL AND PROCEDURAL BACKGROUND I. The Partnership There is no controversy about the basic facts of this dispute. Tower Fund had an agreement to buy a 450-acre piece of land on the island of Kauai, which it wanted to see developed into a resort. At the end of April 2014, Tower Fund paid a deposit of $1 million on a total purchase price of $60 million. But it did not have the remaining $59 million, or any funds for the

2 subsequent development; it only had $7 million. It needed a partner to foot the rest of the bill, and it had until the end of 2014 to find one. Tower Fund identified non-party Oaktree Capital Management/Oaktree Real Estate Opportunities Fund IV (Oaktree) as a potential partner and the two entities began negotiations in May 2014. In August 2014, Tower Fund signed a non-binding term sheet with Oaktree, Tower Hotels Kauai 2014, LLC (Tower Hotels), and Tower Development Incorporated (Tower Development). The plan at the time was that Oaktree would supply the remaining funds to buy the land and Tower Development would serve as the project developer. In an entirely separate transaction also completed in August 2014, Oaktree acquired respondent Timbers Resort Management, LLC (Timbers). In December 2014, the plan to purchase and develop the subject property was presented to an “investment committee” within Oaktree, which rejected it. With time running short to execute a binding contract for funds and complete the purchase of the land, Oaktree told Tower Fund that Oaktree would only invest in the project if Tower Fund agreed that Timbers would replace Tower Development as the project developer. Tower Fund accepted the condition. Oaktree created a special purpose entity, GAP, to handle its investment in the property. At the end of December 2014, GAP signed an agreement (Lagoons agreement) with Tower Fund and Tower Hotels, creating respondent Tower Kauai Lagoons, LLC (Lagoons) as the vehicle for their partnership; Lagoons would own the property and manage the development. GAP controlled two of three seats on the executive committee of Lagoons; Tower Fund held the other. The property purchase was closed December 31, 2014.

3 The relationship between Tower Fund and GAP collapsed soon thereafter. The parties had not agreed to a business plan, and Tower Fund did not approve the one GAP proposed. In November 2015, Tower Fund notified GAP that Tower Fund would like to be bought out of the project; Tower Fund also communicated its belief that GAP had violated the terms of the Lagoons agreement. The two could not resolve their differences, and this litigation followed.

II. Pretrial A. Initial Complaint On December 22, 2015, Tower Fund filed a complaint for breach of contract, breach of fiduciary duty, accounting, and declaratory relief against GAP, Timbers, and Lagoons.1 The complaint alleged that Lagoons could only execute contracts with affiliates of its members (i.e. affiliates of GAP, Tower Fund, and Tower Hotels) if those contracts were first approved by the non- affiliated members. Lagoons had signed a series of contracts with Timbers as the project developer. Since both Timbers and GAP were owned by Oaktree, Timbers was an affiliate of GAP, so Tower Fund alleged any contracts with Timbers required Tower Fund’s assent, which had not been given. The complaint also alleged that GAP and Lagoons improperly requested additional capital from Tower Fund and denied Tower Fund access to the books and records of Lagoons.

1 The breach of contract and breach of fiduciary duty causes of action were not asserted against Lagoons. Tower Fund also asserted derivative claims on behalf of Lagoons, but those claims were voluntarily dismissed during trial and are not relevant to this appeal.

4 B. Amended Complaint In August 2016, Tower Fund obtained leave to amend the complaint. It removed Timbers from the breach of contract claim and added two new causes of action against GAP: fraud and negligent misrepresentation.2 Tower Fund alleged GAP had never intended to let Tower Development be the project developer. According to Tower Fund, GAP instead planned to install Timbers in that role, then waited until the last moment to make that request so Tower Fund would be unable to effectively object. Tower Fund also alleged that GAP never intended to abide by the Lagoons agreement.

C. Demurrer Timbers and Lagoons filed an answer, while GAP demurred to the fraud and negligent misrepresentation claims. GAP argued that mere failure to perform on a contract does not prove either fraud or negligent misrepresentation. Tower Fund responded that GAP was dodging the real issues: during the contract negotiations, GAP had concealed its intent to replace Tower Development with Timbers, and GAP had superior knowledge of the relevant evidence. In passing, Tower Fund also suggested GAP had never intended to perform on the contract. Tower Fund closed with an alternative request for leave to amend and plead additional facts regarding GAP’s conduct during contract negotiations. The demurrer was heard in May 2017. The trial court issued a tentative ruling, which found Tower Fund had failed to properly identify any misrepresentations but granted leave to amend. However, the tentative was

2 The amended complaint initially asserted the negligent misrepresentation claim against all defendants, but Tower Fund voluntarily dismissed Timbers and Lagoons from that cause of action before they filed their answers.

5 adopted only in part; the minute order states the demurrer was sustained without leave to amend.

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Tower Hotels Fund 2014 v. Kauai Lagoons Grand Ave. Partners CA2/4, Counsel Stack Legal Research, https://law.counselstack.com/opinion/tower-hotels-fund-2014-v-kauai-lagoons-grand-ave-partners-ca24-calctapp-2025.