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Corinthia Group

End the Week: More News on Azure

Here we are at the end of another week and what a week it has been, the breaking news that Azure Services Ltd has filed for liquidation, now we have news that two more companies within the Limora Group are being liquidated by Alvarez and Marsal. We have also been receiving emails from concerned members about the phone calls they are already receiving from some very dubious companies regarding the liquidations. Yes, it has already started, the “scamming vultures” have seized the opportunity to use “scare tactics” so you part with your money. Inside Timeshare urges you to not believe what you are being told, it is early days, no one knows what is going to happen and these unscrupulous callers will play on your concerns, after all, they are professional “scammers”.

The latest news now is that Azure Resorts Limited has also filed for liquidation on 28 April 2020, the “Joint Liquidators” are:

Mr. Barry Lynch of Alvarez & Marsal Cayman Islands Limited, PO Box 2507, 2nd Floor Flagship Building, 70 Harbour Drive, George Town, Grand Cayman, Cayman Islands, KY1-1104

Mr. Wesley Edwards of CVR Global (BVI) Limited, First Floor Folio Building, PO Box 2295, Road Town, Tortola, British Virgin Islands, VG1110

Azure Resorts Ltd is the management company for the following “clubs”:

Island Residence Club, The Heavenly Collection (including Sands Towers) and Azure Ultra.

The letter signed by the joint liquidators (which can be viewed using the PDF link below) explain to members of what is happening with regards to their memberships,

“The JLs appreciate that members will be concerned as to the future of the Clubs and wish to advise that the Company’s liquidation does not necessitate their closure, nor does it prejudice the rights of Club members.”

The letter also goes on to state that “discussions” are and have been taking place with an unconnected third party to take over the management of the clubs.

The next paragraph clearly states the aim of the Joint liquidators is to ensure that the members are protected. 

“Please be advised that the Company’s liquidation does not affect your rights as a member of the Clubs and your entitlement to use the timeshare weeks purchased. Following the appointment of a new club manager, members will continue to be able to utilise their entitlements at the Golden Sands Resort in accordance with the rules and constitutions of the Clubs. Please be further advised that, should an agreement be reached to transfer the club manager role to a third party, the JLs envisage that the transition for members should be seamless and therefore cause minimal disruption to the operation of the Clubs. It is noted that the JLs anticipate that members will be able to use their entitlements following the reopening of the Hotel and travel restrictions to Malta being lifted.”

In a similar letter to members at Golden Sands Resort by the Corinthia Group, that

“The shareholders have also reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members.”

In other words, another company will be appointed to manage the “timeshare” interests of the resort and the members. This has happened with those resorts in Tenerife managed by Excel Hotels and Resorts, that has now passed to the Ona Group.

See the full letter in the PDF below.

It has also been announced on the AzureX website that Azure XP Limited have also filed for liquidation with the same joint liquidators as for Azure Resorts.

On this announcement, they include a link to the CVR Global website:

https://cvr.global/azure/

This is the news as it stands now, as and when further information becomes available it will be published here on Inside Timeshare.

As we stated in our opening paragraph, no one knows what is happening or going to happen, it will all be pure speculation. Do not be taken in by the “scare stories” that you will be told by the cold callers all trying to get in on the act, just remember, THEY ARE JUST AFTER YOUR MONEY!

Have a good weekend and join us again next week.

Just after publishing another reader has sent this FAQ published on the Members Blog.

Timeshare Sales End at Golden Sands Malta

Welcome to the end of the week, today Inside Timeshare reports of the latest news coming from Malta. It has been announced in the Times of Malta that timeshare sales are ending at the Radisson Blu Golden Sands Resort and Spa with the loss of around 80 jobs. Azure Services Ltd which is the sales and marketing company for the resort told employees by email that “the majority” of staff will be made redundant. They will be making way for a new “elite team” which will be embarking on a “new strategy”. As yet we don’t know what this new strategy is, but this will be a blow for the staff especially at this time of year. (See link at the end for the full article)

Azure Services Ltd is part of the Limora Group owned by the Trotta family and is the Maltese sister company of Silverpoint selling the very same products. Azure Services was set up in 2003 with the sole intention of selling timeshare or as they called it “vacation ownership” at the five-star Radisson Blu Golden Sands located at Golden Bay beach at Għajn Tuffieħa.

Radisson Blu Golden Sands Resort and Spa

Linked to the hotel at one point were the Manchester United football players Gary Neville and Ryan Giggs, they had invested in Island Hotels Group which was the company that managed the hotel. This was a major selling point for the sales staff and tended to swing sales in their favour.

In 2015, the Corinthia Group, the parent company of Corinthia Hotels a Maltese hotel company acquired a 50 per cent share of Azure Services, with the remaining 50 per cent being owned by international investors (Limora Group).

On Monday the email sent to employees explained that the company would no longer be selling timeshare or holiday clubs but the focus would be on servicing its thousands of members.

The email went on to say “inevitably, in consequence of this new strategy going forward, the majority of the sales and marketing teams will need to be made redundant to make way for an elite team of marketing and sales staff selected to promote and take forward this new strategy.”

There will also be a restructuring of other servicing departments and this could increase the numbers losing their jobs to 120.

In the Times of Malta report, a spokesman said that both sets of shareholders remained committed to the future of the resort as a “high-end luxury destination.” They also maintained that Azure and Golden Sands Resort would fully honour all timeshare commitments arising from obligations to existing members

Azure sold not just the basic timeshare but also copied the model from their sister company in Tenerife Silverpoint, this was the selling of “investment” weeks with the promise of rental income and then a resale with profit after 2 years. None of this ever materialised.

They also moved into selling membership points-based holiday club called Azure X, which Inside Timeshare has been told by readers is known as XP. These are explained by the sales staff as a virtual currency such as bitcoin and could be traded in the same manner or used to gain access to motor yachts, supercars and other hotels which include those owned by the Corinthia Group.

This product is designed as an attempt to bypass timeshare legislation as it is a membership to a club and has no property or weeks attached. But we all know that anything sold by any of the Limora Group companies will be worthless and useless, just look at all the products sold by Silverpoint over the years.

As for the new product and the “new strategy”, we will just have to wait and see what this will bring, no doubt it will not be for the benefit of the consumer!

Full article Times of Malta

https://timesofmalta.com/articles/view/timeshare-sales-end-at-golden-sands-with-loss-of-80-jobs.756316

This is not the first time Azure and Golden Sands has hit the press, Malta today reported in February 2019 on the investigation by the FCA into loan agreements brokered by Azure for the purchase of timeshare with Barclays Partner Finance. These loan agreements were brokered illegally as Azure was acting without official authorisation.

https://www.maltatoday.com.mt/news/national/93169/golden_sands_timeshare_loans_investigated_over_misselling_by_uk_watchdog_#.XfNzg-j7SUm

If you have purchased any product from Azure especially the XP “virtual” currency, Inside Timeshare would love to hear from you. Please use our contact page and Inside Timeshare will get back to you.

Have a great weekend.