Lehman books Thai seaside hotel
Surf's up: distressed developer Natural Park makes a quick profit as Lehman throws a lifeline.
It was announced on thursday in Bangkok that the board of directors of Natural Park, a Thai property company, has authorized the sale of its Novotel Panwa Beach Resort Hotel to Lehman Brothers or its designee for $15 million. Natural Park bought the hotel in 2004 for $8 million.
Natural Park has been in a beleagured condition for several years as it strived to repay its external loans, and its survival seemed in question for a period.
Company executives said...
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