IRM have increased their interest and holdings on Condado De Alhama with the purchase of Al Kasar, the resorts commercial center. This will be seen as a very positive move for the owners of Condado as IRM can now move forward with what is primarily their resort now.
All the commercial units will be released for sale/lease in the coming weeks and the existing services will go under new management. Anyone interested in owning a piece of the commercial activity on Condado should contact us and express interest. The no compete rules placed by Polaris World banning all food and drink establishments will now be a thing of the past, so we should see an array of businesses opening in the center soon.
The restaurant, bar and supermarket will be managed by new companies so we can look for changes there in the coming weeks also. IRM have done a wonderful job with the golf course on the resort, bringing in Olagolf to manage it and handle the daily operations perfectly, and I am sure they will do just as good of a job with the other services on Condado.
Some executives from IRM were seen at Al Kasar earlier this week in what appeared to be a meeting with contractors.
A lot of owners confuse the creditor banks and IRM, although IRM was formed as a separate company to the banks they are their own entity with their own plans for the resort. They like any other company must have viable ideas to get the financing from the banks to move forward.
It is not confirmed, but as Polaris World held the preferred land for the clubhouse, I can’t help thinking that the deal with Al Kasar is connected to making a deal on the land for the permanent clubhouse.
A group of Chinese investors also approached Polaris World this week with an offer to buy 100 apartments, the offer was too low, so it is reported that Polaris do not think their is a chance for the deal to go through.
The saying, use it or lose it could never be more real now on Condado De Alhama. All owners should commit to try and use their own facilities first before heading out to support other local resorts. The restaurant will open soon under new management and will be a very welcome addition to the facilities in Al Kasar for the summer.
Owners and interested parties in commercial units in Al Kasar should contact us. We will be able to assist with the sale or lease of the units and along with Rupert at Quality homes, offer you the best representation on the transaction.
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This entry was posted on Friday, June 17th, 2011 at 07:19 and is filed under Resort Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.