A legal bungle in the sale of two Lopesan hotels to a vulture fund located in the tax haven of Barbados has already generated, in a final ruling, a hole of 93 million euros without taking into account the reforms prior to the sale. This is one of Lopesan's imbroglios in the courts: when it is not a moratorium that has already been delayed for 23 years in compensation, the blockade of southern Fuerteventura and now the sale of Faro and Buenaventura hotels. This has another significance: the Buenaventura is joined by the IFA Faro Maspalomas, which is also in the English courts for the same matter, totaling 150 million euros.
Expansión reports in Madrid that the Madrid courts have ruled in favor of the Apollo vulture fund against Lopesan for the sale of the IFA Buenaventura for 93 million after the change in conditions derived from the Covid19 health crisis. The Provincial Court of Madrid has confirmed the ruling handed down by the Court of First Instance No. 102 of Madrid that exempts Apollo from completing the purchase of the hotel. In December in Tourinews Lopesan announced that he was going to appeal to have it revoked in the second instance. The court has not entered into the matter and has ratified the previous ruling.
Apollo said that the sales agreement was prior to the pandemic but that the contract stated that if one of the parties denounced the agreement and took it to the player, the agreement was automatically terminated. Apollo said that the hotel did not have the same price after Covid19 and in the spring of 2020 Lopesan took the matter to the National Court in Madrid and to a London court in the case of IFA Faro Maspalomas.
The Court of First Instance No. 102 of Madrid has ratified the agreement at the end of 2021 to dismiss Lopesan's lawsuit against Apollo for non-payment in the purchase of the IFA Buenaventura hotel. Lopesan wanted to force the US entity to complete the acquisition, however, the court has exempted him from this obligation. It should be noted that both parties had agreed on the sale of the aforementioned establishment and the Faro to Lopesan Collection Hotel for an estimated value of 150 million and 170 million euros, however, with the outbreak of the pandemic, Apollo refused.
