According to Taiwanese News, Westin only made a profit in 2 out of their 20 years of existence?!?!?!?! One major reason cited was the rent. The landlord charges Westin $490 million NTD per year, which also includes that Westin's restaurants have to make a certain number of profit or there will be a penalty of $400 million NTD on top of the rent. So although Westin takes in a total of $1.2 billion NTD revenue on a yearly basis, but their restaurants never meet the demands of the contract, so they are paying $890 million to their landlords annually!!!! A check on public financial records show that Westin, starting from their opening in 1999, only made a profit in 2 of their years of existence.
The news also reported the reason Westins stayed open because it was current LeeFoo CEO's "baby", she started her training into the business world in Westin and she has always considered Westin to be her home, and it was under her insistence that Westin stayed open throughout these years even thought it cuts into LeeFoo's bottom line. Many shareholders in LeeFoo actually said it was their relief that Westin is closing by the end of the year.
The final straw that ended the relationship was the landlord wanted to increase the annual rent from $490 million NTD to $550 million NTD and increase the penalty to $500 million NTD from $400 million NTD.