Polaris assets

Message  in El Verdad paper that  Sareb intend selling some of Polaris world's assets for 500 million. Good news or bad ?

Geat news for buyers, not so hot for owners, apart from filing the resorts but of course depends what they mean by assets

It is interesting that on Condado the number of bank properties available now is less than 200 and the prices on resales are staring to increase, agreed not to the level that people originally paid but increase

The article I read on the Polaris world site suggested that Sareb were looking to sell the two hotels and IRM  - although it only mentioned 3 golf course and not the six that are currently run by IRM.  Anyone knew anything more?

http://www.preferente.com/noticias-de-hoteles/la-sareb-saca-a-la-venta-dos-hoteles-de-cinco-estrellas-de-polaris-253080.html

Sareb have been for the last 3 years trying to sell hotels on 2 other golf courses, no joy

Selling golf courses in prime Summer time, not a great idea

Some more news on this, they are now looking at splitting up the portfolio and selling it off in bits

http://murciatoday.com/spanish-bad-bank-stalls-on-polaris-world-property-portfolio-sales_27527-a.html?Banner=50,5

Am I right in thinking the hotels are the ones in Mar Menor and La Torre and the courses are El Valle, Hacienda Riquelme and Condado de Alhama?

Yes you are right on the two hotels. The one on La Torre has been closed for nearly two years now, maybe more. Hotels were planned for the other resorts but never got started. I thought all 6 courses were up for sale.

The saga continues - it seems the assets might transfer back to Sareb regardless

http://murciatoday.com/reader-query-has-the-irm-group-gone-bankrupt_19306-a.html

I think that is from 10th October 2013.

That's reassuring 

Reliable news today recieved from Resortalia.  IRM assets have been split and Sareb now own Terrazas and Mar Menor Golf.  All six Polaris courses will continue to be run together under the name of IRM though thankfully.  The Incontinental Hotel will continue to run the Saurines clubhouse.