Six Mallorca hotels go into insolvency

SIX hotels in Mallorca – and one in Menorca – will be affected by the suspension of payments of ten New Rumasa’s companies, announced the company’s patriarch Jose Maria Ruiz-Mateos last week. The Ruiz-Mateos family has been able to use the Insolvency Act, which allows for a period of up to four months negotiating a payment plan with debtors and avoiding bankruptcy.

The bank debt of the companies owned by New Rumasa group is €700 million.

The hotels affected include Eurocalas and Samoa in Calas de Mallorca; Santa Fe, Sarah y Clumba Mar in Can Picafort; Beverly Playa in de Peguera; and Sea Club, de Cala in Forcat, Menorca; all part of the hotel chain Hoteles Agrupados SA (Hotasa).

In the 80s the Hotasa group had assets exceeding €1.500 million with more than 30 hotels, 10 of which were on the Balearic Islands and five of which on Mallorca.