ABC Canarias reported on 26 May that IFA Hotels the chain run by Lopesan, will propose to the shareholders meeting in Germany of increasing their capital to 128.7 million euros in a move to take a majority control of Anfi del Mar.
In September 2016 the announcement was made that the Lyng family had sold their 50% share of Anfi to Lopesan, for a mere 41.2 million euros, but this still left the Cazorla interest at 50% plus the golden share which gives them control over the board.
Lopesan is by far one of the largest hotel chains in the Canaries, they specialise in quality 4 and 5 star all inclusive resorts with three of their largest hotels in Meloneras, Maspalomas. It is also known that they do not appear to have any interest in the timeshare model.
This now leaves a huge question for those members at Anfi, if Lopesan do take complete control, where does this leave them?
Will Lopesan continue to run the resort as a timeshare, or will they close it down and turn it into a standard hotel in the model of their other interests?
We have in the past seen this happen to other timeshare resorts, with those members, especially on floating weeks and points systems losing all their rights. For those on fixed weeks with fixed apartments the scenario is possibly a little better.
As fixed weeks owners enjoy more rights and protection, as they technically own a piece of the property, rather than being members of a vacation club, it could be they may just get a financial return, with Lopesan paying them for the weeks to be returned. This has happened elsewhere, when a resort has been bought out and changed from timeshare to a hotel.
For the members at Anfi the future is uncertain, along with the plethora of court cases against Anfi for the illegal contracts they have sold, is also taking its toll on their finances. We know that sales are not what they used to be, with many sales decks throughout Europe cutting the number of reps they have, with many closing down completely.
Although, at present it is pure speculation what the future holds, it is obviously a very worrying time for all those who have paid substantial amounts of money to purchase their weeks along with the annual maintenance charges. For those with floating weeks, who even now have a problem with availability, will their vacation club continue or will it just cease to exist?
As usual, only time will tell, will we see an increase in the number of cases being taken to court, as members look to recouping what they have paid before they possibly lose everything?
The other question is the Tauro Beach Project, if Lopesan does take full control, will the project be resurrected, this time without the controversy?
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In tomorrow’s Tuesday Slot we will be publishing an article by another new contributor, Margaret Chandler, about her experiences with Wyndham, the introduction is by Irene Parker. Although Wyndham were sent a draft, they have so far not responded, if they do respond at the eleventh hour with a favourable answer, the article will be pulled.
Join us tomorrow for more “Nightmares on Timeshare Street”.