The Incosol in Marbella JOSELE (FILE)
Owner of iconic Incosol hotel asks for 2007 sale to be cancelled

Owner of iconic Incosol hotel asks for 2007 sale to be cancelled

Doors at the Marbella property have been closed for almost a decade after it became embroiled in unexpected bankruptcy proceedings



Friday, 11 November 2022, 11:33


In its heyday, Marbella's well-known Incosol hotel was famed for dispensing the latest health treatments to a high-society clientele. However its doors closed in 2012 when things went badly wrong for new owners.

In the latest twist in an unhealthy accountancy saga, Jale Group, owner of the Incosol since 2007, has asked a court to declare null and void the purchase agreement of the property "due to the inaccuracy of the accounts provided at the notary's office".

Head of Jale, José Antonio López, explained to SUR that after formalising the 46-million- euro acquisition in March 2007, the value that appeared on the balance sheet (of the two limited companies which owned the hotel) after an audit, revealed the business was insolvent to the tune of 33.7 million euros. López said the previous owner had been running an effectively bankrupt business for the 13 previous years.

As a result, in February 2008 Jale applied for voluntary bankruptcy but fourteen years later it is still embroiled in the process.

Now the firm is asking for the cancellation of the 2007 hotel purchase since "bankruptcy law allows possible cancellation of all actions carried out within the period of two years prior to the bankruptcy. So we ask for an annulment for the damage that the purchase has caused us," said José López.

Jale also wants 80 million euros back from the pre-2007 owners.

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