The saga continues

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DEVELOPMENT BLOCKED: Awaiting outcome of appeals.

THE derelict Sidi San Juan hotel’s new owners are still waiting to develop the site.

Real estate group TM acquired the hotel at auction in May at a cost of 22.5 million euros from  the courts dealing with its repossession. 

The group plans to demolish the hotel and build a luxury urbanisation on the prime seafront site, but this has been opposed by unsuccessful bidders, Sidi Residencial.

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This Alicante co-operative is reluctant to accept a court ruling that confirmed the sale to TM, and has since launched two unsuccessful appeals.  

Meanwhile, Torrevieja based TM cannot put the Sidi in its name.

“It’s unbelievable that supposed representatives of Alicante business people should block an operation by a serious Alicante company,” said TM’s president Pablo Serna. “We aren’t some foreign investment fund. We’re Alicante people. We made a winning auction bid that cost us three million euros more than we anticipated thanks to the appeals, and now find we can’t yet get started.” 

Serna and TM now await the outcome of the co-operative’s Provincial High Court appeal before the land can be put in the company’s name and an application made to demolish the hotel.

 

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