Truth about De Vere

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30 Dec 2009 12:00 AM by Germaine Star rating. 11 forum posts Send private message

 

Truth about De Vere
In April 2005 De Vere Group signed a 20 year management contract with Roda Golf and beach resort. To manage a 150 bedroom hotel and spa, 18 hole golf course and beach club to be named De vere Roda. With construction due to be completed June/August 2008.
De Vere was to invest 1.4m into the project, also the contract include exclusive rights to develop timeshare within the resort .
De Vere would not comite to a contract for Corvera Golf and Country Club but had a option to manage the resort included in the Roda contract.
Carl Leaver De Vere chief excutive, at the time had a vision of low investment routes which would improve returns on capital, thereby creating maximum value for shareholders of De Vere.
 
In March 2006 NH Hotel of Spain started a biding war with the private-equity firm Permira  and  Mr Balfour-Lynn’s investment group ,Alternative Hotel Group for De Vere Hotel.                                                            
In July 2006 De Vere ‘s hotel board agreed to accept Alternative Hotel Group cash offer of £767.4m
 
What does this all mean
Well after 72 phone call and 3 favours, I was told the hotel deal for Roda was dead from the day it was sold and as for Corvera there was never a contract in place for De Vere to run the hotel.                    
My sources have also so made it clear after speaking with  De Vere senior management ,that De Vere have no plans now or for the foreseeable further to expand over sea’s .
My sources have also pointed out that Calidona have been trying to find a new hotel partner since 2007 without any joy.                                            
They have also pointed out Calidona are now having cash flow problems, Alternative Hotel Group owners of De Vere are having financial problems and the  5 Star De Vere hotel chain is suffering very badly.
 
 
 
 
 
 



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30 Dec 2009 10:30 AM by Russ W Star rating. 230 forum posts Send private message

Hi Germaine – many thanks for your post and if correct, it does go a long way into explaining why the hotel on Roda was not built. There are a few other important bits of information that could also be added.

Carl Leaver (a bit of a young hotel superstar) left De Vere very shortly after the takeover.
 
 
In May 2007 AHG attempted to float all of its hotel concerns as a Reit under the name of Vector –
 
 
This is a lengthy document and does not contain any mention of Spain / Roda or Corvera. Although it does mention other hotel that are in the “pipeline”. Perhaps this isn’t the place to mention a simple “right to manage” arrangement as it seems the agreement actually was (or is). 
 
On this basis it seems clear to me that there is definitely something not right about all of this – the hotel foundations on Roda were started – when was this? When did they stop? Calidona claim that they were stopped due to problems with planning – was anyone told this officially? Why are the new leisure facilities located where part of the hotel should be? Why is a local business running the beach club and clubhouse restaurant? Why don’t De Vere ever advertise their association with Roda or Corvera anymore?
 
That said, it is the case that a De Vere employee (Mike Maloney) is still present on Roda (I think). In addition, De Vere did put a page on their website in July 2008 which read –
 
“We are proud to announce that De Vere has signed a contract with the Calidona Group to manage Roda Golf and Beach Resort, a 140 bedroom hotel, spa, beach club and 18-hole golf course in the Murcia Region of Spain. Located in a natural setting close to the famous Mar Menor, this golfer's paradise offers an excellent year round climate and easy access to miles of Mediterranean beaches.
At the resort guests can indulge in a range of actoivities including swimming, tennis and, of course, golf. Nearby, can try a range of activities including sailing, water skiing and trekking. Or why not step out in to the local area and discover medieval villages, explore fertile valleys or simply indulge in a spot of retail therapy.
The golf facilities are now open so why not indulge in a round of golf in the Spanish sunshine? Construction of the hotel will commence later this year and the hotel is expected to open in the summer of 2010. “
 
This suggests the arrangement was still on after the takeover but also throws up the fact that the hotel should be almost complete!!! 
 
Another worrying feature for Corvera is that the official news items from Calidona and De Vere have historically always failed to mention Corvera.
 
Whatever the truth is, I doubt much more will be revealed in the New Year. 
 


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30 Dec 2009 2:49 PM by Russ W Star rating. 230 forum posts Send private message

...and here is the latest  monthly marketing e-mail from De Vere and as always no mention of Spain!!  If there were to be positive news I would have thought some mention would have been made -

http://communicatoremail.com/IN/w2q4rz7Y1YsGkwu6r3bws9NLYkrqXl1efiUUFGbfIOG/WebView.aspx

 

 



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31 Dec 2009 12:12 AM by Germaine Star rating. 11 forum posts Send private message

 

With regards to the hotel foundations being started and then stopped, I have been informed that Calidona had a separate contractor doing the excabation works the contract had  time frames with heavy penalties for delays . If you note all excabtion works to hotel and all phases were completed over two years ago.



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31 Dec 2009 12:13 AM by Germaine Star rating. 11 forum posts Send private message

 

With regards to the hotel foundations being started and then stopped, I have been informed that Calidona had a separate contractor doing the excabation works the contract had  time frames with heavy penalties for delays . If you note all excabtion works to hotel and all phases were completed over two years ago.



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31 Dec 2009 12:29 AM by Germaine Star rating. 11 forum posts Send private message

31 Dec 2009 2:37 PM by hugh_man Star rating in Kent/Roda . 1593 forum posts Send private message

hugh_man´s avatar

Am a little surprised that people are still discussing what was said, announced or promised re De Vere and Calidona.

Considering La Manga went into administration last year and Hyatt pulled out, Polaris World have now applied for protection from their creditors and Intercontinental Hotels would love to pull out, De Vere's parent  company is struggling financially and Calidona must certainly be running on fumes.............

Get used to the fact that there is no chance of a hotel being built at Roda or Corvera for quite some time unless some rich expat wants to invest 30 odd million to build in a market suffering horrendous oversupply.  See

 

http://www.eyeonspain.com/blogs/realestate/2709/spanish-banks-start-to-unload-property-portfolios.aspx

For banking and property situation

Face it owners at Roda, we should be more concerned about whether as a community Roda will continue to pull in the funds required to keep the communities and Entidad going so we all have an asset we can call our own even if it is a depreceating one.




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01 Jan 2010 3:28 AM by Russ W Star rating. 230 forum posts Send private message

Absolutely right Hugh-man - so would you recommend completing the purchase of a property on Corvera?

 



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