Hyatt loses Coolum

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If what you read in the local rag is correct - big ask I know! The Hyatt have had a feast for many a year......taking a cut of the revenue without any liability for any losses the resort racks up:shock:

Palmer's plan seems to be a winner - but the resort on the cheap, resign as director, call in the administrators & then get it all back with all current contracts/agreements no longer enforceable......money makes more money!
 
Reported by ABC radio that Clive lost his injunction, so the Hyatt continues for the time being. He's tried the lot to break the contract...
 
Lindsay Wilson said:
Reported by ABC radio that Clive lost his injunction, so the Hyatt continues for the time being. He's tried the lot to break the contract...
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With the resort owner in administration who is going to pay the bills - Hyatt ? Next step is receivership & then it's a free for all....or for one!
 
The Hyatt spokesperson was saying they were working with the administrators...let me look for more information
 
There is some very big ego's playing games at the moment with peoples employment.

CP will win the war but how many Lawyers will make a fortune in the game that is being played between Hyatt and CP
 
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From what I've read there is 1.2M in the bank account...after you take out the unpaid 2-3 weeks wages for the 600 staff & the 650K loss they racked up in January.........then add on Feb, March.....and so on....

Having watched the legal rep for Hyatt on ABC this evening I think he summed up what they wanted to achieve - they operated legally.

Unless Hyatt want to fund the whole operation lock, stock & loss - I'm sure they will remove themselves without any further legal action.
 
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Some more from our fearless Daily-
Hyatt stays in charge | Sunshine Coast News | Local News in Sunshine Coast | Sunshine Coast Daily

Seems as though Clive has got the staff on side-
HYATT Hotels Corporation will retain control of billionaire Clive Palmer's luxury Coolum golf resort until a court decides whether it breached its management agreement. The decision came as staff at the resort spoke out, saying the general feeling was manager Maurice Holland had outstayed his welcome and it would in the best interests of employees for him and the Hyatt to leave as soon as possible.
Click to expand...
 
Getting messier-
Resort faces cash crisis | Sunshine Coast News | Local News in Sunshine Coast | Sunshine Coast Daily

THE Hyatt Regency Coolum does not have enough money in the bank account to continue paying its 650 employees beyond two more weeks. Administrator Ginette Muller from KordaMentha held an urgent meeting with staff on Monday.
There they were informed of the bleak situation.
Ms Muller said Hyatt Australia had been "asked to put money in the account" to guarantee salaries. This has not happened yet.
"They might surprise us all and funding will appear in the bank to guarantee ongoing operations," she said.
Click to expand...
 
Can't be long before the Hyatt pull the pin & remove themselves from the property.

Palmer will return once more with his jet to buzz the coast.
 
Interesting facts as quoted by the Sunshine Coast Daily:-


  • 1985 - resort built by Daikyo, Japanese company for $250m
  • 2003 - sold to Lend Lease for $30m
  • 2011 - sold to Clive Palmer for $80m


  • Court documents alleged trading losses since opening of.........a staggering $569m
  • Hyatt has been pocketing a sweet 3% fee of gross revenue since day one
 
I wonder how much CP paid Hyatt to walk away and stop all of the action.
 
Who would want to be making an offer to him for running it? Sheraton already have Noosa Resort, so I'd scratch them. IHG or Hilton would make some sense (probably Crowne Plaza, after their experience with Gold Coast). That would get me staying there
 
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