Chile's Phoenix Group buys shuttered Spanish golf hotel

In Murcia, Spain, the five-star Hotel Intercontinental La Torre on the Polaris World La Torre Golf Resort has reportedly been bought by the Chilean Phoenix Group from Spain’s so-called “bad bank” Sareb.

Phoenix already has a presence in Spain as the owner of the La Quinta resort in Marbella, and has interests in the real estate, tourism, renewable energy and financial investment sectors. 

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The hotel itself has a fascinating history, as Murcia Today (citing Spanish media “La Opinión”) notes: It was once a main asset of Polaris World, but following the financial collapse of the company it was transferred to IRM, the company created in 2009 by Bancaja, Banco de Valencia, Banco Popular and CAM to manage the assets they received from Polaris in payment of accumulated debt. The hotel was later transferred to Sareb, and closed in 2013.

Originally, the bank was looking to sell off its Polaris World assets en bloc, but last October the bank’s president, Jaime Echegoyen, suggested that the portfolio could be divided. 

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