Onagrup Financial Struggles…??
In the past year or so, media postings have painted a bleak picture for Onagrup, reporting that Onagrup could have become insolvent should a bank have been successful in its execution of an agreed loan guarantee and also that their liabilities are double its assets, with falling revenue and cost cutting measures in force.
Probably in an attempt to turn things around, it was reported that Onagrup had signed up to become the official accommodation partner for Golf’s Solheim Cup in 2023, allocating two of its resorts for the event, Alanda Club Marbella and Ona Valle Romano.
Unfortunately, things have taken a turn for the worse as Ona Valle Romano’s owner, venture capital fund HIG Capital, has demanded the resort’s closure, 5 years into a 10-year management contract. HIG plan to close the hotel and market it as residential as they see that as being more profitable than tourist accommodation; no doubt hoping to cash in on the recent surge in residential prices in the area. Onagrup had the option-to-buy written into the contract so that may have also been in their plans.
The hotels workers, with the help of Onagrup, have recently secured a court ruling suspending the closure, having held demonstrations and protest meetings. The workers spokesperson just happens to be Ona Valle Romano’s manager Juan Carlos Asenjo (also manager at Ona Alanda Club Marbella?) who could probably be the one-and-same Juan Carlos Asenjo who was listed as owner of Fenor SARL, one of the vague companies that allegedly acquired some weeks at Los Claveles.