Pietz

This is an appeal from the denial of a petition to vacate an arbitration award and the granting of a request that the award be confirmed. We affirm.

Factual Background

Appellant, Park Plaza, Ltd., is a general partnership in which Fess E. Parker and Park Plaza Corp. are partners. In 1982 appellant entered into a written joint venture agreement with respondents Edward H. Pietz and Tod E. McClaskey as partners doing business under the name Red Lion. The joint venture was called Fess Parker-Red Lion Hotel. The purpose of the joint venture was to develop and operate a resort hotel near the ocean in Santa Barbara. The agreement gave each party the right of first refusal for 30 days after receiving notice that the other party desired to sell its interest to a third party.

By January 1985 Red Lion had advanced approximately $14 million to the joint venture, used principally to make payments on the site, to develop plans for the construction of the hotel, and for site preparation.

Red Lion owned or held interests in approximately 50 other hotels, most of which were in operation. The debt secured by the hotels was approxi mately $390 million and Red Lion had made advances to…