Hotel Byblos in Mijas

LoadingFavourite

This topic contains 13 replies, has 6 voices, and was last updated by Profile photo of Inez Inez 7 years, 4 months ago.

  • Author
    Posts
  • #55128
    Profile photo of GJ
    GJ
    Participant
  • #93642
    Profile photo of katy
    katy
    Spectator

    It has been on sale for a long time. Maybe not as great a bargain as it appears. The Hotel still needs a complete update. The once perfect location is now surrounded by massive developments and most of the balconies now overlook the Toll road! The rich clientele have moved on. Hotel occupation has fallen 11% to 20% this year (depending which newspaper is read). The workers will have accrued costly “rights” which the company will have to address.

  • #93643
    Profile photo of GJ
    GJ
    Participant

    Katy

    Perhaps he will buy the 2 Guadalpins in Marbella and Banus next. Although I seem to remember the rooms were sold to investors back in the days. As I remember it you owned the room and shared the occupancy profit less costs and could sell it in 2 years for double the price of course.

  • #93649
    Profile photo of Anonymous
    Anonymous
    Participant

    I’m sorry but I know prices have dropped and everything is not as rosey as it once was but 2.5m for a 96 bed hotel on the cds. That really has to be a bargain in anybodys books? Surely this is incorrect?

  • #93651
    Profile photo of katy
    katy
    Spectator

    Heard that the buyer will have to take on 25 million of debts too. Don’t know how true it is. Whatever is done to the Hotel it won’t attract the rich anymore, even people using cheap package holidays don’t want to sit looking at a motorway.

  • #93652
    Profile photo of Inez
    Inez
    Participant

    It should be clear of any debts. A few years ago the bank was asking in excess of 36 mill and there were debts.

    In the last couple of months it came to me debt free, the management were still Aifos but on a day to day managing basis, 3 companies had tendered for the management contract. It had been refurbished and turning a profit. At the last count they were looking at offers on an asking price of around 12 mill, which dropped to 9, still with no takers!

    Several interested (not through me) had cash that couldnt be proven, shall we say and so was not accepted.

    Not totally surprised to see it go at that price but also I agree the location itself is good but was spoiled terribly by some cheap and nasty throw up apartments.

  • #93654
    Profile photo of katy
    katy
    Spectator

    They say it was refurbished a few years ago but it doesn’t look good. We were there a few months ago and it’s tired and early 80’s style

  • #93655
    Profile photo of Inez
    Inez
    Participant

    I can imagine. I havent been there for ages. Anything Aifos does is shabby and nasty!

  • #93663
    Profile photo of Inez
    Inez
    Participant

    Well, the plot thickens! The bank are adamant it hasnt been sold! The bank did get the auction suspended twice and apparently all thats been sold is one plot out of the three! And that had debts which have to be cleared.

    Apparently they are really annoyed at the article as now everyone will think its cheap for sale, BUT it was out there well below the mortgage on it anyway

    Would be nice if they were clear on policy and I remember why I dont deal with these idiots!

  • #93664
    Profile photo of Anonymous
    Anonymous
    Participant

    Another reported version is this:

    Alan Sugar has purchased the three plots.

    Daniel Sugar, Alan Sugar’s son, representing the Amsprop Spain S.L. company offered 682,052 € for one plot and 818,462 € for a second, corresponding to the thalassotherapy area and the tennis courts.

    Sugar also offered 1,499,486 € for the third plot which is the hotel itself.

    Under Spanish law it will be awarded to him unless a third party does not better that bid in ten days.

    Apparantly the Nueva Rumasa company may be interested.

  • #93665
    Profile photo of Inez
    Inez
    Participant

    That makes sense, and is why the bank says it hasnt sold either as this must be the worlds slowest auction!!! Maybe there will be a higher bid – but my clients have still gone to view today as its still available!!!!!!!!!!!!!!!!! (allegedly!)

  • #93709
    Profile photo of Anonymous
    Anonymous
    Participant

    So how much did it acutally sell for? I had also heard it was up at around the 11 million mark – and that was being reposessed due to debts by Aifos…..surely 2.5 million wouldn´t cover the debts as if so they could have sold it themselves for more and turned a profit surely?

  • #93710
    Profile photo of katy
    katy
    Spectator

    How do you make a profit out of a run down shabby hotel overlooking a motorway and occupancy on the coast is down over 10%? I wouldn’t want it free, especially with over a hundred staff to pay!

  • #93715
    Profile photo of Inez
    Inez
    Participant

    As far as I was aware and according to the paperwork I had there were no staff wages or anything outstanding as its a tendered management company who have the contract, in fact its still aifos but on a day to day management basis.

    The banks can let it go if they are only dealing with the principal debt and let it go for that sum, it has been through auction before in which case the cum the court can legally accept will be less.

    The system is complicated and even after the bid is accepted, in this case, there is a 10 day window for a higher bid to come in.

    Need to go talk to the subasteros!!!

    Thats why I dont deal with them, its never going going gone!! 😯

You must be logged in to reply to this topic.