Latest news with #BVK
Irish Times
5 days ago
- Business
- Irish Times
Liffey Valley Shopping Centre landlord not required to have Covid cover for tenant, court rules
The High Court has rejected a claim by a company that rented a restaurant unit in the Liffey Valley Shopping Centre in Dublin that the landlord seeking judgment for some €276,000 for rent arrears should have had business interruption insurance in place for closures caused by the Covid pandemic restrictions. Mr Justice Barry O'Donnell found the claim by Elite Gastrobars Ltd that the landlord's obligation to insure under the terms of the lease cannot be understood as extending to an obligation to provide cover against the type of business interruption caused by the Covid lockdown restrictions. The obligation extended to the specified insured risks and that definition does not refer expressly or by implication to losses caused by public health restrictions, he said. In those circumstances, the judge said Elite failed to meet the threshold that would persuade the court not to enter summary judgment against the company over rent arrears and refer the matter to full hearing. READ MORE He therefore made an order granting judgment for €276,041 in favour of the shopping centre landlord, BVK Elektra 2 Liffey Phase 1 ICAV. The case was also against Bunker Estates Ltd, which was the guarantor in the lease for Elite. The judge said that since the case was initiated against Elite, Bunker has been dissolved and the application for summary judgement against Bunker was adjourned generally. The judge said that while Elite had also raised arguments about the lack of a clear explanation in the accounts for the rent arrears claim and the status of BVK, the main issue was business interruption insurance. Elite said the arrears were related to trading difficulties during the Covid restrictions and that the landlord had not activated a rent review clause in the lease that would give rise to an adjustment in the figures claimed. Mr Justice O'Donnell was satisfied that the figures and explanations provided by BVK were accurate and reliable. The defendant accepted that it had not paid the rent and other charges for periods, he said. Its primary argument was that this was related to the trading difficulties during the period of Covid restrictions and was also excusable for reasons to do with the business interruption clauses in the lease. The rent review issue was addressed by the parties and an agreed position was achieved with a consequent adjustment to the figure claimed, the judge said. He did not consider that it was open to the defendant to challenge BVK's title. He granted judgment and adjourned the case to October for final orders and cost matters.
Business Insider
17-07-2025
- Business
- Business Insider
Michael Shvo's long-stalled Miami Beach hotel and condo project attracts potential new buyer
The Raleigh, a prominent condo and hotel project along the glitzy Miami Beach waterfront, could soon change hands after six years of stalled development. Two people with direct knowledge of sales discussions said Nahla Capital, a New York City based residential builder, has won a bidding process to purchase the property. One of those people said Nahla agreed to pay around $275 million for the project. They requested anonymity because the sales discussions are confidential. Real estate developer Michael Shvo. who acquired in the Art Deco district of Miami Beach in 2019 for roughly $243 million, is attempting to match Nahla's offer and retain control of the project, the two people said. They cited a provision that gives Shvo a first right of refusal on bids. To proceed, he would have to raise fresh capital to pay off his partners in the project and also potentially arrange new debt or extend his current loan. The Raleigh development consists of three adjacent hotels in the Art Deco district of Miami Beach: the Richmond, the South Seas, and the 80-year old namesake property the Raleigh. Among Shvo's chief financial backers was Bayerische Versorgungskammer, a large German pension system known as BVK that has invested in several US real estate deals with Shvo. "BVK generally does not comment on market rumors and speculation about transactions," a BVK spokesman wrote in an emailed statement. A deal could herald a new chapter for the project, which for years has consisted of little more than the derelict remains of the three hotels and a vacant dirt lot. Shvo has said he would restore and redevelop the hotel properties, build an exclusive beach club and restaurant abutting a famous historic pool at the site, and raise a new ultra-high-end condo tower designed by the star architect Peter Marino. But aside from preliminary site work, including demolition of existing structures, the development never got off the ground. In January, a team from the commercial real estate brokerage and services firm Newmark was hired by an undisclosed partner in the project to shop it to interested takers, as Business Insider has previously reported. Helping to push a sale is the project's $190 million of debt, which was due to expire on July 16. BH3, the Miami-based commercial lender and developer that provided the loan, recently agreed to a three month extension to allow the Nahla, or Shvo, to arrange an acquisition, one of the people with knowledge of the deal said. Holding the property has saddled the current owners with considerable costs. As Business Insider previously reported, the group paid nearly $20 million in interest on the project's loan in 2023, alone, and millions of dollars more in taxes, insurance, and other charges.
Associated Press
06-05-2025
- Entertainment
- Associated Press
Go RVing Launches ‘Just Beyond Your Door' Campaign Inspiring Travelers to Rediscover the Open Road
Washington, D.C., May 06, 2025 (GLOBE NEWSWIRE) -- Ahead of next month's National Go RVing Day, Go RVing , the RV industry wide marketing program to promote the benefits of RV travel, announces the launch of its newest marketing campaign 'Just Beyond Your Door.' Developed by Go RVing's new agency of record, BVK , and produced in partnership with Covert and Gemini Films , the campaign underscores how RVing uniquely combines the freedom of the open road with the comforts of home. Shot in just three days and in one location using state-of-the-art LED volume stage technology which allows for the real-time display of virtual backgrounds to create scenes with complex visual effects, the TV spot transports viewers through all four seasons and a range of jaw-dropping, lifelike landscapes. This visually immersive experience anchors a broader multi-channel campaign spanning print, digital, streaming, social media, events, public relations, and influencer marketing—designed to inspire all types of travelers to explore the freedom and connection RVing offers. 'Research, including our own studies, shows that Americans are seeking travel experiences that allow them to unwind and embrace spontaneity—and RVing delivers exactly that,' states Karen Redfern, Chief Marketing Officer for Go RVing. 'Every time you open the door of an RV, you step into new adventures, from serene natural landscapes to vibrant towns off the beaten path. It's not just travel; it's a lifestyle that brings freedom and connection, and we hope our new campaign inspires travelers to discover the joy of experiencing the world on their own terms.' An estimated 44 million Americans intend to take an RV trip this summer. From roasting marshmallows as a family under the stars, embarking on a pulse-pumping getaway for two, or slow moments with friends around the dinner table, RVing is the only form of travel that allows travelers to bring a sense of home with them while also allowing the freedom to choose their own path and pace. In addition, RV trips can offer significant cost savings compared to traditional vacations, potentially saving up to 60% by having more control over food, transportation, and accomodation costs. 'We were inspired by the symbolic nature of opening a door as a passage to new experiences and discovery. Incorporating it as a key visual device in the Just Beyond Your Door campaign was a fresh way to convey the RV lifestyle and the invaluable connections awaiting travelers wherever they park,' said Kevin Kriehn, Chief Creative Officer at BVK. 'We are honored to be working alongside the Go RVing team to showcase how RV travel offers the best of both worlds to all consumers.' To inspire and incentivize U.S. travelers, Go RVing is launching a limited time trip giveaway where one traveler will win the ultimate 2025 RV vacation getaway, a $2,500 RV rental gift card to select their ideal RV, plus $2,000 in travel funds. To enter to win, consumers can visit , where they will be directed to complete a short survey outlining how an RV trip will help fulfill their travel aspirations. The contest is open May 6 through June 8, the winner will be announced on National Go RVing Day taking place June 14. 'Kudos to Go RVing and the BVK team for taking a leap of faith by embracing bleeding-edge virtual production techniques using Unreal Engine and shooting on a volumetric stage. The visual concept that captures eight unique outdoor environments keeps the viewer transfixed and wondering what's next, much like the adventure that awaits with RV travel,' shared Nick Litwinko, Covert Executive Producer. To learn more about the Just Beyond Your Door campaign or to gather information on buying or renting an RV, travel inspiration, maintenance tips and tricks, or attending an upcoming RV show, visit or head to Go RVing's social channels on Facebook , Instagram , TikTok and YouTube . #### About Go RVing: Go RVing is the consumer-facing voice of the RV industry with a mission to inspire potential RVers, spark curiosity, and raise awareness about the benefits and accessibility of RVing through rich, authentic, and diverse storytelling. They provide resources for first-timers, including directions to RV dealers, renters and sites to purchase, budget tips, recipes for the road, expert advice and more. Go RVing also provides a platform to amplify the voices of adventure campers, leisure campers, foodies, tailgaters, outdoor enthusiasts, families, digital nomads, and more, by empowering them to share their own RVing stories in their own words. Go RVing Media Contact: Monika Geraci Senior Director of Public Relations [email protected] 617-784-2532 Attachment Callie Murphy BVK 715-379-1311 [email protected]
