Polaris World was a holiday resort company centred on golf courses designed by Nicklaus Design - the golf course design and development firm set up by Jack Nicklaus and his sons. However the company was established in 2001 by Pedro García Meroño and Facundo Armero. The resorts, which were expected to form a "golf trail" when completed, helped in the development of residential tourism in the Costa Calida region of Spain and were at one point the largest developer of holiday homes in the country.[1][2][3]
Polaris World were the largest golf resort developer in Murcia. The seven Polaris World resorts range in size from 55 hectares up to 900 hectares, with most around the 100 to 150 hectare size. Among the notable properties that formed part of the brand were: Mar Menor, La Torre, and El Valle.[3] Condado de Alhama is the largest development - over 900 hectares with a golf course. Condado De Alhama is situated close to (25 minutes drive) the new Murcia International Airport, Corvera Airport. Polaris World sold these properties in 2010 and filed for bankruptcy in 2017.[4]
Financial Status edit
Polaris World began to struggle in 2008 due to the financial crisis and Spanish property bubble, and extensive re-financing was needed in 2009.[5] Their financing faced struggles as well, but they were able to avoid a 2010 bankruptcy.[1] By 2012, sales prices had fallen extensively.[6][7]
References edit
- ^ a b Stewart, Jade (27 April 2010). "Spain's biggest holiday home developer avoids bankruptcy with last minute deal over debt with banks". Property Wire. Retrieved 4 November 2020.
- ^ "More openings at Polaris World". Golf Course Architecture. 22 September 2009. Retrieved 4 November 2020.
- ^ a b "Polaris Group companies enter voluntary bankruptcy proceedings". Murcia Today. 1 April 2017. Retrieved 4 November 2020.
- ^ "The 6 Nicklaus Golf Courses - Statement regarding Polaris World". Murcia World. Retrieved 4 November 2020.
- ^ Brass, Kevin (31 May 2011). "Property developers struggle in Murcia". The National News. Retrieved 4 November 2020.
- ^ Polaris World Financing Deals Under Investigation
- ^ Spanish property: Polaris golf resort homes crash to a third of original price
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