Australian Hotel Owner sues Hyatt for $60m

February 21, 2012 (www.hospitalitybusienssnews.com) According to a report by the Australian, Hyatt hotels has been sued by one of its’ Australian hotel owners for $60m over a claim, by the owner, that Hyatt “siphoned $60M from the Coolum resort over the past two decades”

Clive Palmer, who bought the property last year for an estimated $80m said in a statement that "We believe Hyatt has been siphoning funds over the years back to their headquarters in Chicago and there has been a major cover-up of these activities,"

"We have uncovered this activity since taking over the resort last year. This should be of concern to the operators of other Hyatt resorts around Australia and worldwide. The Hyatt hasn't given the property the priority it deserves. The Hyatt Group doesn't even have a full-time employee in Queensland and we believe they are not even represented in Australia."

According to the Australian Mr Palmer removed the Hyatt signage from the property and fired the General Manager. The report continues to say that Hyatt won a temporary injunction to continue to manage the property.