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
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.
