Stephen Beetham, chief executive of the Beetham Organisation, said: "We have sold substantial numbers of our properties to investors over the years who have been happy with the delivery, specification and value which a Beetham property represents.
"Over the past five years, property investors have made substantial profits from our developments and the majority have been able to sell on their apartments before completion of the building.
"With regard to our Birmingham development, Beetham Organisation believe that this has the highest quality overall specification of any residential or hotel building in Birmingham. This development has been very successful and the hotel is currently regarded as the number one in Birmingham and is fitted out to a higher specification than originally envisaged by either Beetham or Radisson SAS.
"The 152 apartments have historically achieved the highest selling price in Birmingham and continue to do so. There are currently only 18 unsold units which will be marketed by Beetham at prices per square feet in excess of those paid by any of our current investors.
"In recent years, the number of people investing in property has expanded from a mainly professional investor base to those who are relatively new to this form of investment. There is considerable hype about property investment that may lead people, who don't have much experience in the sector, to have unrealistic expectations about their investment.
"In a more mature and stable market place which we currently have, investors may need to take a slightly longer term view to achieve similar returns. The individual points raised by the investors are being dealt with by our lawyers and we are unable to comment." ..SUPL:
