Buyer Beware: Don’t Lose Your Rights Under A Right of First Offer Provision
In Headquarters Hotel, LLC v. LBV Hotel, LLC, a court ruled that a buyer rejected an offer by refusing to execute a confidentiality agreement required by the seller as part of the offer under a right of first offer provision.
The buyer and seller are parties to a 129-year lease for the property at 154 Berkeley Street in Boston. The seller (i.e., LBV Hotel, LLC) operates the Loews Boston Hotel on the property.
The…