For subscribers
Firm that owned Le Meridien hotel in Sentosa hit by financial woes
Treasure Resort allegedly defaulted on loan amid spat with contractor over unpaid work
Sign up now: Get ST's newsletters delivered to your inbox
Le Meridien, formerly known as Movenpick Heritage Hotel Sentosa, came under receivership of PwC Singapore after Sanchoon Builders won a High Court order last month to wind up Treasure Resort, which owned the hotel. Treasure had allegedly defaulted on a loan with Maybank since September 2016, which led to the bank demanding repayment of about $200 million, according to court papers.
ST FILE PHOTO
Follow topic:
When Movenpick Heritage Hotel Sentosa was rebranded as Le Meridien in June 2016, there was much fanfare over the return of the then Starwood Hotels & Resorts brand to Singapore after nearly a decade.
But behind the scenes, Mr Rodney Tan Boon Kian, whose company Treasure Resort owned the luxury five-star hotel, was quietly trying to sell it amid deepening financial difficulties.
