Palmer changes tune on Hyatt
THE legal stoush between Clive Palmer and the Hyatt Corporation which put 650 jobs on the line and threw wedding plans into chaos is over.
Administrators announced yesterday that Palmer's companies, Coeur de Lion Investments Pty Ltd and Coolum Resort Pty Ltd, and the Hyatt of Australia Ltd had buried the hatchet.
Coolum Resort Pty Ltd will pay an undisclosed sum to Hyatt to end the management agreement and commercial arrangements between the two companies.
Mr Palmer placed CDLI and Coolum Resort Pty Ltd into voluntary administration in February while he tried to shake off the Hyatt group after expressing dissatisfaction with its management of the resort.
At the time, he claimed Hyatt had siphoned $60 million from the resort during its 20 years there.
But the magnate appeared to have changed his tune in a statement released by Hyatt yesterday.
He said the Hyatt chain "had a long and illustrious record of satisfying owners of many resorts worldwide."
"The excellent standard of service to the guests at Coolum stands as a fine example of what the Hyatt Group can deliver," Mr Palmer was quoted as saying.
"I wish to thank Hyatt for all they have done for the resort and the community and wish them well."
The Daily understands that general manager Maurice Holland, who had been banished from the resort, has his old job back but this was yet to be confirmed yesterday.
Ginette Muller, of KordaMentha, said the 650 jobs which had been in jeopardy because of potential insolvency were no longer in danger because funding had been resumed by Mr Palmer.
She said all was also back on track for weddings which had been booked at the resort, which is now known as Coolum Golf Resort and Spa.
Ms Muller said at a meeting today at the Hyatt at 2pm creditors would be asked to agree not to wind up Coolum Resort and to end the voluntary administration.