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Wednesday, February 22, 2012

Billionaire Clive Palmer de-flags Hyatt Regency Coolum

BY JAMES WILKINSON / HM Magazine

Billionaire Queensland businessman Clive Palmer has unbranded Hyatt Regency Coolum in what is set to turn into a legal battle between Australia’s fifth richest man and the Chicago-based hotel chain.

Palmer has rebranded the property as The Coolum Golf Resort and Spa and national newspapers were today reporting that the multi-billionaire is set to sue Hyatt for $60 million for “misused funds”.

“We believe Hyatt has been syphoning funds over the years back to their headquarters in Chicago and there has been a major cover up of these activities,” The Sunshine Coast Daily reported Palmer as saying.

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