With Thanksgiving approaching, Law360 asked hospitality attorneys to reflect on the court rulings that left them feeling more thankful. They identified seven decisions that had a positive impact on the industry.

Among them was a Ninth Circuit ruling that was a huge win for hotel-condominium developers, according to Christopher W. Payne, leader of Ballard Spahr’s Resort, Hospitality, and Timeshare Group. The Ninth Circuit held that apartments sold in San Diego’s Hard Rock Hotel complex were real estate and not unregistered securities. The court ruled that the buyers who filed suit in the hope of recovering their investments failed to prove that securities laws had been violated.

“It keeps a bright-line safe harbor where sales can occur … the decision really reinforces the existing guidance that development have relied upon for making multimillion-dollar deals,” Mr. Payne said.

He added that the decision also helped stabilize the resale market for current condo owners. “They no longer need to worry that they need to consider securities laws when trying to resale … I think an adverse ruling would have eliminated the industry entirely and would have eliminated this product entirely,” he said.