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.”