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IFA Lopesan

Lopesan Sue Apollo Capital Management in UK Courts

Inside Timeshare today reports on the latest development involving IFA Lopesan who as we have reported is the 50% shareholder of Anfi in Gran Canaria, it now appears that Lopesan is in a legal battle with Apollo Capital Management LLC, who are also the owners of Diamond Resorts. The lawsuit involves the sale of two of the top Lopesan hotels on Gran Canaria and the deal seems to have gone sour.

Inside Timeshare broke this news back in April 2020 when it was first announced that they had “teamed up”. In the article below there are several links to various articles on Apollo and Leon Black, who has a bit of a reputation for operating in the “junk bonds” market.

The case being brought by Lopesan Touristik SA has been filed in the London Courts for the non-payment of the purchase of IFA Buenaventura and IFA Faro, both are high-quality hotels with the Buenaventura in Playa del Inglese being a four-star and the Faro in Meloneras a five-star.

The sale price for the two hotels is reported at being €93M, this is a fraction of what they paid to build their new resort in the Dominican Republic which is reputed to have cost $481M.

IFA Lopesan Hotel Dominican Republic

When the case was filed on 15 September, Lopesan said it entered into a share sale and purchase agreement with Oldavia ITG SLU, which is a company incorporated by Apollo as their entity to hold investments in Spain.

The sale had been agreed in late February 2020, with the funds being given an extended deadline for payment of 30 April. One can only assume that the reason for this extension was the effect of the COVID_19 restrictions which has decimated the tourist industry.

El Economista has also reported in their article (link at the end of this article) that the IFA Hotels brand which is listed on the Frankfurt Stock Exchange, has not had a very good year so far. IFA Hotels has a share capital of 128 million euros and have suffered a loss of 71% since the start of January 2020. 

The deal has also been approved by the European Commission as there would not be any significant impact on competition in the tourism industry. This agreement was made on 15 April 2020.

Once the European Commission gave the go-ahead, Lopesan apparently wrote to Oldavia proposing a completion date, with the two sides appearing before a notary to execute the public sale. It turns out that Oldavia did not turn up for the meeting and they continue to refuse to undertake the completion. 

The case is Lopesan Touristik SA v. Apollo European Principal Finance Fund II (Dollar A) LP and others, case number CL-2020-000597, in the Commercial Court of the High Court of Justice of England and Wales.

Huw Davies QC and David Peters of Essex Court Chambers, instructed by Addleshaw Goddard LLP are representing Lopesan Touristik, with the defendant’s Apollo, being represented by Latham and Watkins LLP.

Resources for this article came from Law360 and El Economista, PDF to the original Law360 article and the one in El Economista are below.

At present, there is no indication of how this is going to affect the relationship between Lopesan and Anfi, could it be a case that this money is required to ensure they have enough for a full takeover of Anfi. This is a distinct possibility considering the expenditure on the new hotel in the Dominican Republic and the current closure of the tourist industry. All hotel chains are struggling at present, most are still closed and the ones that are open have a very reduced capacity, this has had a dire effect on their incomes. Obviously with the loss of 71% of IFA‘s share capital so far this year, the future obviously is not looking good at the moment.

This is a case that Inside Timeshare will be keeping an eye on, as and when more news comes to light it will be published here.

El Economista article original Spanish

English Translation

German Translation

Danish Translation

Norwegian Translation

Swedish Translation

Translation of Inside Timeshare article




Anfi Lose Another Appeal & A Consumer Warning of Fake Information

In today’s short article we publish yet another Anfi appeal which the courts have rejected and a warning on some information being given by “cold callers” which is nothing but a fabrication. This is nothing unusual, we have highlighted this problem in the past, the tactics are to “scare” you the timeshare owner into signing up for a “claim or exit” with one of the very dodgy companies that have emerged.

We begin first with the news on Anfi.

Once again the High Court of Las Palmas has rejected an appeal by Anfi on the sentence passed by the Court of First Instance. This has become a very familiar occurrence, every time Anfi lose their case they automatically appeal to the High Court. The stupid thing is they lose in every appeal yet continue to do use this legal procedure in order to delay the inevitable, having to pay out to the client.

The case was conducted on behalf of the Swedish client by the Canarian Legal Alliance Lawyer Eva Gutierrez with the client being assisted by the Claims Consultant Michael Gadman.

The High Court confirmed the original sentence and once again ordered that Anfi repay the client 54,137€ plus legal interest. The High Court also agreed that in calculating the award, the Court of First Instance was correct in demanding that the deposit which was illegally taken within the statutory cooling-off period must be paid back in double.

It is quite clear from all the recent appeals that Anfi has made that their game of delaying the inevitable is not doing them any good, in fact, it is costing them more in legal fees and in some cases, the High Court is actually increasing the award. One day they may just decide to accept the verdicts of the lower courts and payout. Well, we can live in hope!

Over the years that Inside Timeshare has been publishing we have come across some very wild stories from our readers about the information they have been given by “cold calling claims & exit” companies.

Recently we published several of these wild claims such as Mark Rowe of Monster Rewards, ABC Lawyers and sell my timeshare infamy was arrested, tried and convicted in a Malaga court. That over 40 million Euros had been seized and he had been sent to jail.

Then we had a series of emails where our readers who own Anfi, have been told that Anfi is in liquidation and will be closing, that unless they moved quickly and signed up they would lose everything. Well, we do know that one half of the Anfi partnership, the Cazorla Group, have their own financial difficulties, Anfi itself is pretty sound, after all, they do have IFA Lopesan as the other 50% owner.

The latest to come through from our readers, but unfortunately, they have not yet been able to provide a company name, is the story that Club la Costa and Marriott are going into liquidation.

In fact, one reader has even been told a date when this is happening, this Friday 16 October 2020.

As far as we have been able to ascertain, neither are going into liquidation, this has also been confirmed by our enquiries with law firms handling cases against both the timeshare companies.

These tactics are designed for one thing and one thing only, to scare you the owner/member into signing up with these scam companies, paying their high fees because they have managed to convince you that you are about to lose everything. Well, you just have, you paid them!

It may be a fact that one of the subsidiary companies might be folding, after all these timeshare companies do tend to have many of them, but that doesn’t mean the whole of Club la Costa or Marriott are going under.

Once again this goes to show how vigilant you must be when dealing with many of these “cold calls”, never believe them, do your own research first. Make checks on the company that contacted you and told you the information, check the internet for any other news on what they have told you. If you are not sure how to do these checks, then use our contact page and Inside Timeshare will get back to you.

Don’t believe what you are told, do your homework first, it will save you money.

End the Week

Welcome to the end of another week and also another month with Inside Timeshare, with September just around the corner the Spanish courts will be back to work after their annual August closedown. This means there will be a lot more cases hitting the news and many more timeshare owners will have their contracts declared null and void with the return of their purchase price. This week has been quiet on this front with no new sentences being delivered, but it has not been a quiet one with more reports of some dodgy cold callers.

We began the week with some very strange news being given to owners regarding their timeshare resorts, the first was a cold call from a “company” called Timeshare Support Group. This name has come up before but as yet we have found no reference in the UK or Spain of any company with this name. In the call, our reader was told that the “owner” of Beverly Hills Club, who we know was the late Bob Trotta, has been arrested, tried and convicted!

We just wonder how this is possible, it must have been a “celestial court” that dealt with it!

There were also many emails from owners with Anfi who told Inside Timeshare of strange calls from another company, which unfortunately was not made too clear in the “conversation”, so we actually do not have a name to work on.

The story behind the calls was that Anfi was in liquidation and they needed to act now to secure their money or lose everything.

As we stated in the article on Monday, Anfi is not in liquidation, the Cazorla Group may be in difficulty but remember they only own 50%, the other 50% is owned by IFA Lopesan. So even if the Cazorla Group unfolds and is liquidated this is not really going to affect Anfi, after all, IFA Lopesan would probably jump at the chance to seize full control.

On Tuesday we reported news from the courts, the first being Silverpoint losing their appeal at the High Court of Santa Cruz de Tenerife. The judges upheld the decision of the Court of First Instance which ruled against Silverpoint in accordance with the Supreme Court rulings. This case is now being filed with the Mercantile Court to ensure the client receives the money awarded by the judge.

On the same day, we also published the news of two High Court (Las Palmas GC) appeals by Anfi being dismissed and the original sentences of the Courts of First Instance being confirmed. Once again the courts are sending a clear signal to Anfi that their ploy in causing delays and disruption for the clients and the courts will not be tolerated. Their contracts are clearly illegal and they should accept the judgements of the original hearings.

Another name from the past reemerged T&M Mediation Group, once again they are offering a “termination” service and then a claim for compensation. According to their website which actually shows no company registration, it looks like they will use (if they bother) Section 75 of the Credit Consumer Act. As we have said in the past, it is not very likely that any claim using Section 75 is going to succeed. We also know that no timeshare company is going to pay “compensation” voluntarily or even admit to mis-selling. (link to the original article)

Yesterday we published the story of Simon Wells who claimed he was working for Canarian Legal Alliance and also used the name of one employee on his emails. He has certainly been caught out this time, with the victim managing to get his photograph and also he admitted that he kept all the money. The case is now with the police and he will soon be facing justice.

We just wonder if there are more of his victims out there who fell for his father and paid him!

So, that is all for this week, have a good weekend and also enjoy your bank holiday in the UK.