Insolvent Inmobiliaria Sarasate Hands On Management of the Hotel Palace Barcelona

16/05/2014 – Expansion

Inmobiliaria Sarasate, part of the Husa Group that managed the Palace Hotel Barcelona on the Gran Via Street of the Catalonian capital has been declared insolvent.

From now on, Algerian businessman Ali Haddad who acquired the establishment in 2011 for around €80 million will take over the management of the hotel.

Although the transfer is still pending approval, the odds of postive decision are high due to the fact that contract with Husa terminates this year. Ali Haddad submitted an offer of €500.000 to repossess the management contract involving 130 employees of the establishment.



Original article: Expansión

Translation: AURA REE