Santana Cazorla puts its stake in Anfi up for sale for 202M€.

This news has been published today in Desarrollohotelero.com which echoed another one in the digital newspaper "Expansión" and which we translate here for its undoubted interest.

“The insolvency administrator of the Canarian group Santana Cazorla, which entered into insolvency proceedings last year, has put up for sale the 50% stakes it holds in the companies Anfi Sales and Anfi Resorts, which together make up the Anfi tourism group.

The Anfi Group consists of four resorts with 7,500 rooms and two complexes comprising 18 luxury villas and 119 flats in Gran Canaria.

The company, owned 50/50 by Anfi International BV, linked to Lopesan, and Grupo Santana Cazorla, has commissioned the firm Kroll to prepare a teaser that is already circulating among investors interested in acquiring this stake for 202 million euros, according to Expansión.

The full value of both companies amounts, according to the teaser, to 404 million euros, and in the two tenders there are recognised credits worth 295 million euros, 172 million euros from Anfi Sales and 123 million euros from Anfi Resorts.

Anfi Sales is dedicated to the operation and marketing, under the timesharing/multi-ownership modality, of four Anfi del Mar clubs with 7,500 rooms and 15,000 beds and two complexes comprising 18 luxury villas and 119 flats located in the surroundings of two golf courses in the Tauro Valley, in the southwest of Gran Canaria.

Anfi Resorts is the management company for the Anfi del Mar resorts and residences.

The Anfi Group currently has 40,000 members who have the right to use aparthotels or villas in the Anfi del Mar and Anfi Tauro resorts.”

See the original publication here, in Spanish

ANFI. Court of Appeals. New victory fully confirming first instance judgement. Post 1

This time Room 5 of the Court of Appeals (Audiencia Provincial) confirms the first instance judgment in its entirety. I didn't publish this first decision when I should, but I'll do it after this as it'll make more sense of this post.

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ANFI. More judgements and some information.

This is an old judgement that I did not post at the time. On this occasion, the Court of First Instance No. 3 of San Bartolomé de Tirajana ordered Anfi to pay my clients the lump sum of 35,552 euros, declaring the contract void and acknowledging the payment of unduly anticipated amounts. It also orders the payment of expenses and legal interests.

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ANFI. New ruling of the Court nº 3 declaring contracts null and void.

As on other occasions sometimes happens that there are Courts in Maspalomas that, despite declaring contracts null and void, do not recognize the right to also receive the unduly advanced money. This then is grounds for appeal and the Court of Appeals rectifies this error and grants them (as can be seen in the following post).

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Now you know more about timeshare contracts in Spain, if you want to get rid of it I am an independent lawyer and I can help you! Remember that preliminary advice is for free. See more information here, or contact me directly.