What in September seemed like a simple victory for the Gran Canaria giant Lopesan has transformed into a legal battle with an uncertain outcome, testing the limits of discretion in insolvency proceedings in Spain. The fight for Lot 1 of the liquidated Mar Abierto (Santana Cazorla Group)—a strategic asset with 1.500 beds in southern Gran Canaria—has taken a 180-degree turn following the latest maneuver by the insolvency administrator.
The conflict centers on four key assets: the Lago, Valle and Costa hotels, located in the tourist enclave of Taurito (Mogán), and the administrative concession that has even served as a site for unaccompanied minors of the Hotel Las Tirajanas, in the peaks of Tunte.
In the auction organized by the consultancy CBRE, Lopesan submitted a bid of €85.001.000, exceeding by just €1,000 the exact €85 million offered by the Martinón Group (Grumasa, Livvo). Under the rules of a conventional auction, the result would be final. However, the bankruptcy administrator, Amalio Miralles (Lener), has submitted a proposal to the Commercial Court No. 1 of Las Palmas to change the winning bidder in favor of Martinón.
The bankruptcy administrator's argument is both technical and controversial. Miralles maintains that Martinón's offer is "more beneficial for resolving the bankruptcy proceedings" once certain receivables from tour operators, valued at €2,5 million, are adjusted. According to this analysis, the true value of Martinón's proposal would exceed that of Lopesan, despite the nominal bid amount.
But money isn't the only factor at stake. The bankruptcy administrators have placed unusual emphasis on "social peace." The works councils of the hotels, which are currently under Martinón's operational management, have expressed their preference for the current manager to remain in place, arguing that Lopesan's offer creates uncertainty regarding the full transfer of the workforce.
For the administrator, the risk of labor disputes tips the scales in favor of Martinón, ensuring "immediate operational continuity." This efficiency criterion, rather than a purely monetary one, has set off alarm bells at Lopesan's headquarters in Meloneras.
From Lopesan, the reaction has been one of restrained but firm hostility. Sources close to the group describe Miralles' proposal as a "legal security scandal." They maintain that the administrator is introducing subjective criteria—such as the status of prior operator—that were not included in the publicly available and regulated terms of the auction.
"The €1,000 difference is valid because that was the bidding range established in the tender documents," the Gran Canaria-based group insists. For Lopesan, accepting that an administrator can change the winner of an auction after the fact based on union preferences or unforeseen accounting adjustments undermines the integrity of the insolvency proceedings. The group has already warned that it will take "all necessary legal action" against the administrator if Judge Alberto López Villarrubia validates this proposal.
While Lot 1 remains blocked, the rest of the Santana Cazorla empire has already been divided up: Lopesan has consolidated its dominance in Meloneras with the purchase of 26 premises and plots for 97 million and Servatur has acquired a strategic plot in Arguineguín for 2,6 million.
Resolving this conflict is vital not only for the future of the 1.500 beds in dispute, but also for the reputation of the Canary Islands as an investment destination. In a market where private equity funds and large hotel groups compete for scarce assets, clarity in the rules of the game is the most valuable asset. Judge López Villarrubia's final decision will determine whether, in a bankruptcy auction, the hammer price or the "general welfare" of the bankruptcy proceedings prevails.
