Westin investors still await deal over unpaid millions

One of the rooms in the Westin Lighter Hotel. Photo / Supplied

Investors in Auckland's five-star The Westin Lighter Quay are negotiating with receivers, attempting to broker a deal to settle a dispute over millions in unpaid returns.

About 100 mainly Asian buyers bought suites in the ritzy 172-room waterfront five-star property where Lighter Quay Hotel Management, the company that leases the rooms from the investors, last month fell into the hands of receivers KordaMentha's Michael Stiassny and Brendon Gibson.

Now, a group representing the investors are talking to the receivers about the future of the suites and what to do about outstanding money.

A deal was to be ironed out yesterday but one investor said that deadline passed without any agreement.

Negotiations are continuing and the investors hope a successful outcome can be announced next week. The negotiations do not affect the ongoing operations of the waterfront hotel.

The receivers' entry was the result of weeks of failed negotiations between Lighter Quay Hotel Management and its creditors. Stiassny last month said he hoped the Westin would stay open but he could give no cast-iron guarantees.

Months ago, money stopped flowing to 122 investors, many Singaporean. They are claiming $5.9 million.