12 April 2010
Banyan Tree Hotels & Resorts said yesterday it has terminated with immediate effect its management contract for the Banyan Tree Al Areen resort in Bahrain, owing to breach of contract by Al Areen Holding, the owner of the resort.
Banyan Tree Hotels & Resorts said yesterday it has terminated with immediate effect its management contract for the Banyan Tree Al Areen resort in Bahrain, owing to breach of contract by Al Areen Holding, the owner of the resort.
"Banyan Tree issued on April 8 the notice of intention to terminate as a further step to its earlier petition in March to wind up Al Areen Holding Company for continuing breaches of the management contract," a company statement said.
"Upon issuance of the termination notice on April 8, the owner decided to breach the contract and immediately took over the resort on the following day. This has resulted in infringements on our brand rights and inconvenience ... We therefore have no choice but to immediately cease our involvement with the resort," said Ariel Vera, Group Managing Director of Banyan Tree Holdings.
By Staff Writer
© Emirates Business 24/7 2010
