HYATT WALKS AWAY FROM PALMER'S COOLUM RESORT

HYATT WALKS AWAY FROM PALMER'S COOLUM RESORT

MINING mogul Clive Palmer and Hyatt Australia have settled their legal dispute over the management of Coolum golf resort and spa (pictured).

The hotel operator had requested a legal injunction from the Queensland Supreme Court after Palmer terminated its long-term contract to manage the Sunshine Coast property, which Palmer bought last year.

Two companies that Palmer used to buy the resort, Coolum Resort and Coeur de Lion Investments (CDLI), were placed into administration earlier this year in an apparent strategic move by the Gold Coast billionaire to remove Hyatt from the property.

As a result, the solvency of the resort’s operations had reportedly reached a critical stage.

A joint statement today said the two parties had reached an undisclosed out-of-court settlement.

CDLI will temporarily manage the resort, but Shangri-La is rumoured to have been approached as a long-term replacement. The property is expected to be ‘immediately returned to solvency’.

Palmer confirmed he does not hold any grudges towards the former resort managers.

“The Hyatt chain has a long and illustrious record of satisfying owners of many resorts worldwide,” he says in a written statement.

“I wish to thank Hyatt for all they have done for the resort and the community – and wish them well in the future.”

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Superloop set to buy tech services firm Acurus for $15m

Superloop set to buy tech services firm Acurus for $15m

After completing $140 million worth of divestments from Singapore a...

Cromwell sells Brisbane head office to Wingate for $108.5 million

Cromwell sells Brisbane head office to Wingate for $108.5 million

As part of its strategy to sell off inessential assets, Brisbane-ba...

Record profits again for TechnologyOne as CEO touts business model resilience in tough times

Record profits again for TechnologyOne as CEO touts business model resilience in tough times

TechnologyOne (ASX: TNE) CEO Edward Chung has affirmed the company ...

John McGrath calls for calm as real estate company forecasts rise in earnings for FY22

John McGrath calls for calm as real estate company forecasts rise in earnings for FY22

Despite recent trading conditions proving disruptive for the reside...