Good afternoon Martin

I haven’t heard or read anything new recently about the proposed seven star hotel in Almuñecar. Has this been shelved or are they still waiting for something from the Junta de Andalucia?

Also, would you know what’s happening to the castle area in and around Salobreña? There’s a big crane perched in the paseo which has been dug up and the Moroccan style archway totally demolished (a pity).

Thanks.

William

Dear William

The 7-Star Hotel…
It appears that the developer behind 45% of project funding, Niels K. Thygesen, was declared insolvent at the beginning of May, according to his partners at Sophienberg Ejendomsudviklings.

I quote an explanation given on the Sophienberg website:

Sophienberg Ejendomsudviklings business continues unchanged Fenicia Invest A/S [Mr Thygesen’s company], which owns 45 percent of Sophienberg property development A/S, was declared bankrupt on May 1, 2014.

Fenicia Invest had a deficit of 34 million DKK for the 2012/2013 financial year, as opposed to the deficit of ‘only’ eleven million DKK the previous year.

CEO of Sophienberg property development A/S, Lars Bigom, said: “We have a good and constructive dialog with the liquidator of Fenicia on the future ownership structure in Sophienberg property development A/S, and with the exception of a little changed business practices in a period, bankruptcy is expected not to affect the further operation of Sophienberg property development A/S and the ongoing development projects.”

Although Sophienberg states that it is able to continue with its other projects, the biggest project, the Bahia-Fenicia 7-Star in Cotobro, is is not emphatically mentioned.

In short, it appears that the Bahia Fenicia project, with 123m euros, has been put on hold, owing to a lack of investment; i.e., funding.

We are waiting for a statement from the Almuñécar Mayor, Trinidad Herrera.