- Published on Thursday, 29 March 2012 12:04
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Clive Palmer's Coolum Golf Resort on the Sunshine Coast will remain open after the billionaire mining magnate reached an agreement in the Supreme Court with the Hyatt Group this week.
The 140ha resort will remain open but Hyatt will no longer manage it. It is understood that the resort could be managed by Shangri-La once renovations have been completed.
Mr Palmer has agreed to pay a undisclosed amount to sever management ties with Hyatt Group and Coeur De Lion Investments P/L assumed management on 29 March.
The end to months of court action is good news for the resort's 650 staff who will now be paid by CDLI. Staff are also in line to get a $500 bonus.
Mr Palmer bought the financially troubled resort last year and unilaterally terminated the management contract with Hyatt dating back to 1988 after maintaining that Hyatt had only made a profit once in the past two decades.
Mr Palmer has stated he will spend millions on refurbishing the resort and plans are expected to be released in the next few months.