| HBS Case Collection
Meinhard v. Salmon: Court of Appeals of New York (1928)
Meinhard and Salmon were joint venturers who had a 20-year lease on the Hotel Bristol in New York City. Salmon was the managing party. Four months before the lease was to end, the owner approached Salmon and offered to lease all the property, of which the Bristol was only a 25% part, him. The project was to require substantial capital expenditures, a rent increase of about six times over the prior rent, and a lease term that could reach 80 years under renewal options. Salmon kept this opportunity for himself. Meinhard wanted to participate; Salmon refused.
Keywords: Lawsuits and Litigation;
Partners and Partnerships;
New York (city, NY);