Aparthotel Colina Sol, Vale Centiannes latest closure news!

[tricky]

Good luck from me also

[Colana]

thank you for all your kind thoughts and support ... it is very much appreciated ...

[SJ & RE]

Whats the latest on this awful problem

[Colana]

Hi,

I'm in touch with Algarvesol re future plans for the property and it seems as if steps are in place for a resolution. I can't give you more detail than that at this point, I'm afraid.

But thank you for your thoughts.

[leMene]

Hello again. I open another thread in the Colina Sol board but this is possibly a better topic to discuss this matters.

As I said basically it's good news. The hotel owners wanted to make a big upgrade a few years ago but everything was stopped at least one year ago. I suppose they are out of cash. So there's a slow but visible degradation in recent times and that situation could not go on any further.

It's important what the hotel owners are doing because they own about 50% or more of the (120) apartments and are a clear majority in any deciding meeting.

As I see things (and I'm sure the current administration will be in charge till next meeting in the next few months – I hope).

-Hotel owners decide to sell the apartments they own: best scenario as the building would end in a closed condominium – meaning less money would be spend to pay for facilities as security, gardens and cleanness). But I don't believe that they just sell the apartments as they are now – degradation of the building is notorious and they would lose money for certain).

-Hotel owners decide they want a big upgrade (a new star? lol). And it's also ok - because although private owners will certainly pay for the upgrade bills and better facilities, they also would see their property valued. The problem here is that I suspect many apartment owners don't want to spend that kind of money... and all could end up in court!

-Worst scenario is the hotel is closed for a long time and degradation will follow. We already saw some resorts going this way but I think it's mostly resorts that are placed a bit back from the sea and finally nobody cares – and I believe this unique place where the hotel is founded - that is Centeanes - will turn things around sooner or later. Don't forget that this building has better views than Almansor and it's a class place with natural environment.

So let's wait and see what happens.

[SJ & RE]

Good luck with it all xx

[wattsey]

I really hope this gets sorted out satisfactorily. Please keep us updated.

Best wishes

[Bruce Wallis]

You're right about the view....if it wasnt for that place I'd have an uninterrupted view right across to Lagos!

[Canada]

What a wonderful property! Can't believe that some company doesn't step in and buy them out. I wish you good luck with your proceedings.

[Eliza]

We also have our own apartment in Colinasol for many years and we are really worried about what is going to happen with the building. Please reply to get in contact to talk about the situation!!

[Colana]

I had a meeting with one of the directors from Algarvesol on Monday to discuss the way forward.

Any owners wishing information, please PM me.

[ken]

Yes good luck with the condominium at Colina Sol since have fond memories of the amazing views across the bay when first visited CVO quite a few years ago.

Am in a similar situation myself where our development went pear shaped (planning permission delays caused developers to run out of money), so owners have formed a condiminium. Unfortuntely its quite a long and painful process of legal document/power of attorney signing (taken us a year and still not finalised!).

FAO Carveoiro1 whoever you are, and care even less. Found your comments on earlier thread particularly out of order, when someone is obviously in a bad situtation. These things have a habit of coming back around...ever heard of Karma? I for one will smile when its your turn.

[leMene]

It's important what the hotel owners are doing because they own about 50% or more of the (120) apartments and are a clear majority in any deciding meeting.

Turns out that all the apartments are privately owned and AlgarveSol only had the hotel tourism exploitation.

[leMene]

Apartment owners reacted and this building will not serve any hotel business anymore.

The building will now be a normal and regular condominium.

A new administration is in place and building repairs will follow in the near future.

So basically I think it's good news for everyone.

[patti]

Congratulations, I am so pleased for you all, that after such a stressful time problems are beginning to be solved for the apartment owners