SERVICED apartments manager Oaks Hotels & Resorts has reached a settlement with the landlord of 23-33 Lonsdale St Melbourne.
Oaks had issued three legal proceedings in the Supreme Court of Victoria against MP Investment Nominees regarding issues arising in relation to the lease of the property from MPI to Oaks.
In June last yeast Oaks restrained MPI from calling on bank guarantees totalling $4.1 million and from terminating the lease and taking possession of the building.
Following meditations, Oaks has reached a confidential settlement where it will continue to operate the serviced apartment business.
Australian Property Journal
