at Hearing Concerning Damages Awarded
to Asia Hotel Investments Ltd
|October 28, 2004 - The High Court of Singapore has summoned Starwood
Hotels & Resorts Worldwide Inc. and Starwood Asia Pacific Management
Pte Ltd to appear with Asia Hotel Investments Ltd on Tuesday, November
2, 2004, to take the Court's directions and fix hearing dates for the assessment
of damages due from Starwood in Asia Hotel's US$53 million lawsuit.
The Singapore Courts had earlier found Starwood guilty for breach of an agreement which caused Asia Hotel to lose the chance to purchase a majority stake in the Westin Grande Sukhumvit hotel in Bangkok. However, the earlier trial judge had awarded only nominal damages to Asia Hotel, a leisure investment company of luxury hotels and golf resorts.
Asia Hotel appealed and won its case last month. The Court of Appeal viewed that the trial judge had erred in making this finding, and ordered that damages for Starwood’s breach to Asia Hotel be assessed and payment made. It also awarded Asia Hotel costs of the trial, and the bulk of the appeal. There is no further avenue of appeal for Starwood.
Gary Murray, President of Asia Hotel: “After 2 ½ years, we are finally starting to see an end to the suit, with the Court ordering Starwood to pay damages and costs which are rightly ours and long over-due .
“We have learnt a painful lesson about trust and are now even more vigilant regarding who we do business with, no matter whether the company is a public-listed one or not.”
Asia Hotel Investments Ltd. (AHIL) is a leisure investment company with it’s primary business activities in S.E. Asia. The Company has a disciplined strategy to acquire and improve well located three and four star full-service hotels, resorts, and golf courses. The Company seeks assets with current stable income and medium term capital appreciation potential. By improving the facilities, re-branding the properties with international hotel chains, new management, and implementing aggressive marketing and revenue growth strategies, the asset’s financial performance will be significantly enhanced within 24 to 36 months.
Asia Hotel and its principals have completed hotel development and investment transactions with Marriott International, Hilton Hotel Corporation, and Holiday Inn. It owns the Hilton Hua Hin Resort & Spa which it purchased in 2000, renovated and re branded as a five-star hotel. Through its subsidiary Siam Golf Properties Co Ltd, it owns and manages the Muang Kaew Golf Club and Sriracha Country Club.
Asia Hotel Investments Ltd.
Ms Sam Ran Boolsambatra
Tel: (65) 6539 9277
|Also See:||Asia Hotel Investments Ltd Wins Appeal Against Starwood in US$53 million Lawsuit / September 2004|
|Asia Hotel Investments Awarded S$10 by Singapore Court for Damages in Contract Dispute with Starwood / December 2003|