Lender alleges hiding of assets

Houston — The Houston Chronicle is reporting; developers of Diamond Beach, a luxury resort in Galveston, are hiding assets to avoid repaying a loan on the struggling property, their lender alleges in a complaint now heading for arbitration.

Sales have been sluggish at the 3-year-old light pink midrise resort at the western end of Galveston's Seawall. To read more on this story, head to The Houston Chronicle's website: http://www.chron.com/business/real-estate/article/Bank-developers-tangle-in-Galveston-luxury-3404409.php