Business Services Industry
Singapore court reaffirms Asia Hotel's victory over Starwood.
Knight Ridder/Tribune Business News, September, 2004
By Boonsong Kositchotethana, Bangkok Post, Thailand Knight Ridder/Tribune Business News
Sep. 23--The legal battle between Asia Hotel Investments Ltd (AHI) and the international hotel management group Starwood has come to an end after Singapore's Court of Appeal ruled on Monday in favour of AHI.
AHI, which had accused Starwood of breach of contract, had originally sought US$55 million in damages following the collapse of a deal involving a Bangkok hotel property that is now known as the Westin Grande Sukhumvit.
The court ruled that Starwood was guilty of breach of contract, as well as guilty of causing AHI, a leisure property investment concern with extensive interests in Thailand, to lose an opportunity to purchase a majority stake in...
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