4 January 2001HONG KONG – Century Hotels International and Park Plaza Kemayan will not consummate their agreement due to "non-fulfilment by parties to the agreement of a number of conditions precedent".
According to a internal memo circulated by Century CEO Brian Deeson, Century will continue to pursue arrangements with other interested parties.
It was earlier reported that Century was working out a merger deal with Sydney-based Park Plaza Kemayan (December 7, travelweeklyeast.com). The complex transaction was to see Century being sold into Sydney-based PPK for US$19 million in cash and stock, with Century CEO Brian Deeson taking 10 percent equity in PPK.
"The primary attraction of the merger with PPK had been the growth possibilities for Century in the Pacific and this is still our goal. However, the deal has to be the correct one and there is no urgency in this at this time," said Deeson.