Contact: Sal Algeri
Deloitte
Partner
+61 (0) 3 9208 7210

Contact: Amanda Kennedy
Deloitte
Media and communications manager
+61 (0) 3 9208 7407

Contact: Alfred Wong
Pacific Hotels Market Street Pty Ltd
Managing Director
+61 (0) 2 9202 3000

Receivers and Managers of 60 Market Street, Deloitte Partners Sal Algeri and David Lombe, today advised that negotiations with the lessee of the hotel, Pacific International Hotels, have been finalised and have resulted in the original lease agreements with individual hotel room purchasers remaining unchanged.

"We have had extensive discussions with Pacific and are pleased to announce that all remaining matters in relation to their tenancy have been resolved," Sal Algeri said.

"Agreement has been reached on all contractual matters, and in particular the original agreements signed by purchasers of the hotel rooms prior to Westpoint’s receivership remain unchanged.

"We continue to work together with Pacific to finalise all construction matters and the opening of the hotel as soon as possible.

"Construction works are progressing well and we expect to have the property completed in late August subject to any unforseen delays.

"We would like to thank investors of the hotel rooms for their ongoing co-operation and patience. We look forward to progressing the settlements of the rooms."

Mr Alfred Wong, Managing Director of Pacific Hotels Market Street Pty Ltd, agreed that negotiations had been successful for both parties.

"We have had very productive discussions with the Receivers and are delighted that we were able to reach an appropriate resolution of all matters," Mr Wong said.

"We are excited to have secured the property for our stable as the location and specifications fit well with the existing Pacific portfolio.

"Now we are focusing on working with the Receivers to secure occupancy and build the profile of the hotel.

"Part of that process involves securing new contracts for the hotel and we have had plenty of interest in the property to date."

Pacific Hotels currently operate 15 hotels in Australia, four in Melbourne.