Some may say that the Madeira Regency Palace was one of the best places to visit, and others say that it may be classified as one of the wonders of the world; with its exquisite room service to the breath-taking views from bedroom balconies, and let’s not fail to mention the detail and the time employees take to make Consumers satisfied with their stay.
Mother Nature also played a big part for holding up the reputation for this magnificent hotel in Portugal (especially in the summer months), or maybe even exceeding it. But it is noteworthy that many reports have suggested that the MRP holds somewhat dark secrets. The question is what are those secrets? And how do they affect Consumers who have timeshare with this particular resort?
Rumours were quickly spread about the MRP closing. They seemingly gave no or little notice of this dramatic event, and it had a harsh turn for their existing Customers, Consumers and people who had obtained a timeshare with this resort. The hard-to-reach status that the hotel righteously claimed crumbled to the ground and it almost seemed certain that the fragments were un-repairable.
The claimed reason for the closing of this once superlative hotel is not deceptive, but Consumers have clarified that there is a “subsequent loss for timeshare owners”. Regulars have also said that “financial difficulties have been apparent for a long time”, and furthermore, stated “the controlling company have been declared insolvent” and were “applying to the judiciary of closure action”.
The effect of the hotel closing its doors has left many of the employees unemployed, making them realise that now fall under the category of “job-seekers”. There was also some reported small talk about the hotel trying to negotiate a debts restructure programme which was “highly unlikely to happen” said one Consumer.
Mid last year, it was reported that the “social security institute of Madeira” was in debt by 16.3millon Euro. There could be a possibility for this once “luxurious” hotel to re-open and reclaim its built up rank, but how far in the future, is uncertain.
For now at least, Consumers who do not wish to await the fate of the hotel can take back control of their assets. If you want to leave, you can. If you want to claim back the money you paid into the “derelict” resort and you paid by way of credit card or linked loan, you can.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk