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La Manga goes into administration
Country: Spain
24 Novmber 2008
The popular celebrity footballers hangout, La Manga Club resort in Murcia, has been forced into administration
The world famous residential resort, which is owned by the Spanish developer Medgroup, is the highest profile Spanish scheme to fall foul of the economic crisis.
A spokesperson for La Manga Club says: “This decision will not affect La Manga Club, which will continue to run as normal,” a spokesperson told Spanish Property Buff. “The management team is already working to bring the company out of a state of lack of liquidity and operating deficit in order to stabilise and guarantee its continuity.”
Medgroup has run into difficulties after reportedly being unable to refinance their debts which are estimated to be in the region of £83m.
La Manga Club, which includes 3 golf courses, 28 tennis courts, 8 football pitches, a spa, and a 5-star Hyatt Regency hotel, has run into difficulties in the past, most notably in 1978, when it was sold to P&O after going bust.
“The general crisis being suffered by Spain has particularly affected the high-level tourist sector, with significant reductions in bookings and the number of night stays in high-quality resorts such as La Manga Club; this fall in sales has meant that the company has not been able to comply with the business plan expected for 2008,” explains a press release from Medgroup.
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