News

Coolum resort in administration

The black plastic which covered the words Hyatt Regency on Clive Palmer’s orders was removed.
The black plastic which covered the words Hyatt Regency on Clive Palmer’s orders was removed.

CLIVE Palmer's Coolum resort has gone into administration as the battle over who manages the home of the Australian PGA. rages in the Brisbane Supreme Court today.

In a move believed related to Mr Palmer's attempt last week to sack Hyatt as resort manager, he today placed the property in the hands of KordaMentha administrator Ginette Muller.

It is understood the resort would continue to operate as normal and that the jobs of its 650 workers were not at risk.

Guests at the resort Sunday reported that Mr Palmer was present until picked up late afternoon by a helicopter that landed adjacent the reception/golf clubhouse area.

It is believed only about 78 guests were booked into the resort that night.

Mr Palmer is thought to be concerned that because he has no access to a profit and loss statements for the resort's operation, even though he is a director of the company that owns it.

He is not in a position to know whether or not it is in breach of Queensland law and the companies act.

The Sunshine Coast Daily understands that at the end of January the Coolum resort recorded a $780,000 trading deficit that Mr Palmer was expected to cover.

Ms Muller was not available to discuss the administration but is expected to provide a statement later today.

The court has today heard that the Hyatt is maintaining it has 25 years left on its management agreement.

The deal, which was struck in the 1980s, gives the Hyatt 3% of gross revenue regardless of whether the resort is profitable or not.

Mr Palmer last week said he had terminated the management agreement with Hyatt.

But the Hyatt lodged a Supreme Court action to gain an injuction to reinstate the resort's name and the resort's long-time manager Maurice Holland.

Signs, which Mr Palmer had ordered to be removed, were put back up.

Topics:  clive palmer, coolum, resort




Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Time to get a taste of Italy at Stockland Rockhampton

Rozzi's Italian Canteen announced as new eatery at Stockland Rockhampton's The Terrace.

Rozzi's Italian Canteen welcomed customers this morning

Windows auto updates could cost users hundreds of dollars

IT expert says upgrade impacts 400 million people world wide

LISTEN: CQ coal industry to benefit from moves by China

Norwich Park coal mine near Dysart in the Bowen Basin will close in May.

Steps to address an oversupply in coal supplies look to have worked

Latest deals and offers

Own Sunshine Coast property? You’re about to make money

UP AND UP: Property owners are likely to win from rent and price increases but tenants and first home buyers might not be so happy. Photo: Brett Wortman / Sunshine Coast Daily

Good new for property owners, not so good for buyers and tenants.

Sale nears on last large block of land in Coolum

The 43.37ha property on South Coolum Rd has sold.

South Coolum Rd property to be land banked