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Lopesan and Apollo Team Up & Breaking News on a New Scam

Yesterday Tuesday 14 April the European Commission has given the green light for the acquisition of two hotels in the South of Gran Canaria by the Canarian Hotel Group Lopesan and the US company Apollo Capital Management. The hotels are the Hotel Faro in Maspalomas and the Hotel Buenaventura in Playa del Inglés, two of the main tourist areas of Gran Canaria.

As we already know Lopesan along with their German partners IFA own 50% of the Anfi Group, although they do not have control of the Board of Directors which is the “Golden Share” in the control of Hermanos Santana Cazorla SL. But with the legal battles, the Cazorla Group are currently going through it is only a matter of time before full control may revert to IFA/Lopesan.

Inside Timeshare published this news which was announced on Info Canarias, both articles can be found on the links below.

https://insidetimeshare.com/its-friday-and-the-end-of-another-week-another-macdonalds-horror-story-surfaces/

https://infos-grancanaria.com/2020/santana-cazorla-sl-muss-wohl-in-die-insolvenz-gehen/

Apollo Global Management was founded in 1990 by Leon Black, he was a former banker with Drexel Burnham Lambert. Drexel had closed earlier that year after a securities scandal which resulted in the bank having to pay $650 million in fines. Being unable to repay a $100 million debt it collapsed.

According to the online financial journal The Street, Bloomberg had called Drexel Burnham Lambert “Renegades of Junk”, due to its involvement in the junk bond market. Irene Parker, a writer for The Street and a Diamond timeshare owner herself, believes that this title is more fitting for Apollo Global Management after its acquisition of Diamond Resorts. (follow links below).

Original Inside Timeshare article

https://insidetimeshare.com/700-2/

Links to independent reviews on Apollo

https://www.thestreet.com/opinion/is-apollo-returning-to-its-junk-roots-with-its-acquisition-of-diamond-resorts-13624491

https://de.reuters.com/article/us-diamond-reso-m-a/apollo-global-to-buy-diamond-resorts-for-2-2-billion-idUSKCN0ZF1JV

So what could this mean for Anfi?

At present, there is no indication of how this will affect Anfi and their members, even though we do know that IFA/Lopesan are very interested in taking full control of the Anfi Group. With the legal problems and the possible liquidation of the Cazorla Group, a full takeover is definitely on the cards.

This now leaves the question of what are the intentions of Apollo Global Management, with the deal made with Lopesan on these two hotels could this mean that Apollo may just have an influence on Anfi?

Only time will tell, as and when further information comes to light, Inside Timeshare will publish it here.

Inside Timeshare has just received information on a new “Scam” which timeshare owners are being subjected to, this one is supposedly from the Banco de España and a “court case” in the Malaga Courts against a number of companies.

According to the information received, substantial sums of money have been seized and is waiting to be claimed by the clients who paid them in the past.

Past Clients of these “companies” are now being contacted to inform them that they have been awarded the money by the courts and it is the Banco de España who is dealing with it all. Obviously there is a “tax” to pay to have the money released, haven’t we heard this one before?

It is an obvious “SCAM” and is evident by the email address which is being used to send “clients” the information: 

[email protected]

This is a free Gmail account and is not an official Banco de España email address, just ask yourself the question, why would a national bank use a free Gmail account?

A full article will be published on this in the next couple of days, but in the meantime, if any other readers receive any phone calls or emails with regards to this, please contact Inside Timeshare using our contact page.

Diamond Resorts Bought by Apollo Global Management

News came in to Inside Timeshare yesterday afternoon 29 June 2016 that a Private Equity Firm, Apollo Global Management had bought Diamond Resorts International.

 

The deal is reported to be worth $2.2 Billion, the stock for Diamond had risen from $25 to $29 a share within hours of the announcement. One analyst in the States, Chris Demuth has already suggested that the Wyndham Group may even purchase the company. He believes that Wyndham may even pay around $36 to $39 a share.

dri logo

Apollo Global Management was founded in 1990 by Leon Black, he was a former banker with Drexel Burnham Lambert. Drexel had closed earlier that year after a securities scandal which resulted in the bank having to pay $650 million in fines. Being unable to repay a $100 million debt it collapsed.

 

According to the online financial journal The Street, Bloomberg had called Drexel Burnham Lambert “Renegades of Junk”, due to its involvement in the junk bond market. Irene Parker a writer for The Street and a Diamond timeshare owner herself, believes that this title is more fitting for Apollo Global Management after its acquisition of Diamond Resorts. (follow link below).

 

http://www.thestreet.com/story/13624491/1/is-apollo-returning-to-its-junk-roots-with-its-acquisition-of-diamond-resorts.html

 

In her article for The Street, she explains her anger at the way Diamond has treated owners of its timeshares. She is in the process of writing a series of articles highlighting this, Inside Timeshare will be keeping you informed as they appear.

nyt logo

On the subject of the share prices, Inside Timeshare published an article in April, based on a report by Gretchen Morgansen of The New York Times. It highlighted the plunge in share prices following a series of reports about Diamonds treatment of owners, especially the elderly. It followed the story of a 77 year old lady called Mary Ann Gutierrez, she was subjected to an intense presentation by Diamond reps and basically held captive for around 5 hours, It was an attempt to upgrade her for a steep upfront fee, even though she had firmly told them no she was not interested.

 

The article also highlighted how Diamond hike up the maintenance fees after it buys a bankrupt resort. European owners are well aware of this themselves, after all they did see huge rises when Diamond took over from Sunterra around ten years ago. We are also well aware of how they make it virtually impossible to get out of the contracts. For those who purchased in Spain there is at least hope that these contracts can be declared “Null & Void”, also resulting in all the original payments being given back. All this has been made possible due to the strengthening of the laws in Spain, and the rulings of the Supreme Court, these can be found on the Canarian Legal Alliance website. (see following links).

 

http://insidetimeshare.com/diamond-resorts-international-share-price-falling/

 

http://www.canarianlegalalliance.com/diamond-resorts-court-case-victory-2/

 

If you have any questions as to how this may affect you, contact Inside Timeshare and we will try to find the answers for you. If you would like to know where you stand as far as making a claim or how to get out of your contract Inside Timeshare will be happy to give you the best advice and information possible.