IS MOSA TRAJECTUM JUST THE FIRST CASUALTY?

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As the recession bites, is this the first as other resorts follow?
It was announced last week that Mosa Trajectum Golf Resort near Baños y Mendigo, Murcia, has closed all of its golf facilities, three 9 holes courses, although the Olive Course has not been playable for some time. The Par 3 Challenge courses, the Plaza – Parador Hotel – Restaurante are also casualties.

Mosa Trajectum, the first ‘resort course’, opened in 1999 in a fanfare of glory using the image of Dutch footballer Johan Cruyff as its ambassador. Progress was swift as in 2004 it held the PGA EuroPro Tour Championship Final featured on Sky Sports which was arranged by local golfer Ivie Davies

Last June, it was reported that the resort was suffering through a succession of debts and defaults causing the halt of trading, but at that time it was hoped to reach an amicable solution with creditors, and owner Ronald Ras even boasted of having new investors, in particular an American oil company willing to contribute 1 billion Euros, for several projects that included building a four-star hotel and rejuvenation of the golf courses to revive the resort that would coincide with the opening of the Corvera international airport.

In July last year Mosa Trajectum Resort was auctioned and the successful bidder was SNS Property Finance BV Bank.

Through investigations by the Dutch Finance Ministry, SNS Property Finance BV Bank, had debts amounting to 800 million Euros which should have been repaid by the end of 2012. It defaulted, however, leading to the nationalisation of the Bank by the Government and the arrest of Buck Groenhof, the Director General.

Ronald Ras said, as a result of all these unexpected situations and without 100% guarantees of a solution, that he was forced to make the hard decision of having to close the golf courses and the Plaza-Parador.

In reality, it was impossible to reach any amicable settlement for the re-purchase of Mosa Trajectum Golf Resort.

Local experts suggest that the operating management were not familiar with the marketing of golf resorts at the highest level, particularly in view of the mounting competition on its door step.

Filed under: http://www.theleader.info/article/38318/

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