Pierre & Vacances keeps the aparthotel of the “bad bank”.

The French hotel group Pierre & Vacances will assume the management and commercial operation of the aparthotel Vida & Golf in Benidorm, built by Bankia Habitat in 2009 and in the hands of the bad bank since January this year.

The interest of the French multinational, European leader in the management and development of tourist apartments and resorts, for this apartment complex in Benidorm started as soon as the property was transferred to Sareb. Initially, the conversations between the bank and the French firm included two possibilities: the acquisition or the rental of the aparthotel Vida & Golf. Finally, and as confirmed by official sources of the company, Pierre & Vacances has decided to handle the management and commercial operation of the complex. “The acquisition of the property could be studied later”, they have pointed out.

The agreement for the incorporation of Vida & Golf to the portfolio of Pierre & Vacances is imminent, and most probably before the end of September. “We are on the verge of closing the operation”, these sources explain.

Pierre & Vacances has chosen this aparthotel because it is a complex in line with the ones managed by the group in the region of Marina Baixa, such as the hotel Altea Hills or the apartment tower Maeva, in Benidorm.

The problems with the rating of the land and the low occupation were the two reasons that forced Bankia Habitat to decide the closure of the complex a few months after being transferred to Sareb. This institution acquired the hotel as a consequence of the agreements between the Government and the European Union for the restructuring of the real estate financial assets of the nationalized financial institutions.

The change in the rating of the land was precisely one of the conditions put by the French group to enter the bid of the complex. The land where the project stands is rated as non-residential and therefore is incompatible with the operation of touristic apartments.

The town hall of Benidorm has received a request from Pierre & Vacances in this sense, and has already approved the change of rating of the land to tertiary-hotel.

The aparthotel, as well as a holiday resort, was oriented to customers older than 55 with health problems and offered different therapy treatments.

Vida & Golf opened its doors in March 2010. The complex has 78 apartments of 60 and 90 square meters and complements its offer with sanitary services. Vida & Golf also offers its customers the possibility of playing golf.

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