Ibiza Sun 753 eissue 25th September 2014

Page 1

Closing Party Thur 25th

Prodigy, Bombay Bicycle Club, Hed Kandi—At Night Reviews

Ball Pagés & More Monuments—Get Local in Ibiza Life

GPS Finds Way Ahead GPS Hotel Group own 15% of Ibiza’s Hotels. Hiperion receivership take over approved. Promise to maintain 45 Hotels, 2,400 Jobs, and pay 90% of 280 million € debt. A judge has ruled that the financial group Hiperion and two other associate firms are allowed to finally take over the GPS Hotel chain. Hiperion has been running the group for over three years following the court appointing them temporary receivers after the owner was detained for fraud against the state and other contraventions of business and employment laws in 2010. Until the decision this week, Hiperion have not had the legal right to carryout their option to buy GPS, which was given in their initial receivership agreement. Hiperion, with their partners Sunparty, are promising to maintain the GPS group of forty five hotels intact, protect around 2400 jobs, respect contracts and pay off 90% of the existing debt of around 280 million €. They also hope to make a 20 million € investment in modernising the hotel chain. Representing 15% of the entire hotel sector in Ibiza the GPS group is expected to gross around 45

ex Managing Director of the GPS hotel chain, Fernando Ferré en route to 7 years all inclusive earlier in 2014

million € from their 10,000 hotel beds this year whilst under the management of Hiperion In April 2014 the founder and ex Managing Director of the GPS hotel chain, Fernando Ferré Cardó, was condemned to 7 years prison and an 11 million € fine plus another 11 million € for (Continued on page 2)


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