However, Mr Al Jowdar claimed BTHR
could not break its hotel management agreement without the consent of Al Areen Holding Company, which was speaking to its lawyers about the dispute.
But Al Areen Holding Company chief executive officer and owners' representative Tariq Al Jowder said BTHR could not break the agreement alone and that any change had to be agreed by both parties.
He said that BTHR had not delivered as per the hotel management agreement and his company reserved the right to take the appropriate and necessary action required.
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The statement added the BTHR
parent company, Banyan Tree Holding Limited, could witness a drop in net tangible assets and earnings per share by S$0.
The hotel has since been renamed the Al Areen Palace and Spa after BTHR
pulled out of its Hotel Management Agreement (HMA).
However, the BTHR yesterday questioned the motive behind the ban, claiming Al Areen had sought them in response to legal proceedings it was facing.
It is no coincidence that the ban was imposed after the termination of the Hotel Management Agreement," the BTHR said in a statement.