Investors seeking to reclaim millions over Global Great Hotels failures

Following a preliminary investigation, KwikChex is certain that the investment and timeshare scheme known as Global Great Hotels has been marketed and sold unlawfully for years. Actions are now being taken.

The scheme purported to provide a combination of substantial investment returns and exceptional holiday value – but an examination of the structure, contracts and methods used to market and sell the scheme has revealed that

    • Contracts were in breach of laws
    • Monies were not invested as described
    • People were persuaded to remortgage their houses to invest
    • Promises of taking existing timeshares from owners in ‘part-exchange were not honoured
    • Investors were lied to on multiple occasions

The scheme

Typically, people were approached while on holiday, principally in resorts that market themselves under the ‘Ona; brand – such as the Ona Cala Pi Club, Ona Aucanada and Ona Garden Lago resorts in Majorca, Spain. They were persuaded to invest huge sums, which, it was claimed, would provide both substantial income and cheap, even ‘free’ holidays for many years.

The cost of the ‘units’, which were described as investment in real estate, was substantial – often costing hundreds of thousands. Those targeted were not high-wealth individuals, but were persuaded that it was such an amazing opportunity, they should remortgage their homes, cash in pensions, use life savings and borrow from friends and family.

At first, the scheme seemed to deliver on its promises, with the investors receiving what were called ‘reassignment’ revenues (purported rentals of the ‘units’ they had invested in to holidaymakers) – and holidays in the participating resorts, but as part of the scheme, they also had to pay substantial annual ‘service fees’ on top of their investments. But the promised investment returns soon became less than promised, and then stopped altogether. Holiday choice became restricted, and communications with Global Great Hotels became difficult. At the end of last year investors were told that the scheme had effectively collapsed.

Investor actions

Representatives of a large group of GGH investors that connected via Facebook asked KwikChex to assist, and after an initial investigation determined that there had been multiple breaches of law and serious deceptions, KwikChex is now taking actions on behalf of those affected.

Chris Emmins, KwikChex CEO said, “Even after tackling fraud for over a decade, this is one of the most blatant cases of deception I have seen. The sums taken from people are huge – many over £100,000, and so far up to £600,000. In order to pay the money, victims were persuaded to remortgage their homes – which was arranged through an FCA regulated broker, with the loan provided by prominent UK financial institutions – the whole situation is a travesty, and KwikChex will be doing everything we can to seek compensation and see that justice is served.”

KwikChex is currently collating evidence and will shortly be asking for the cooperation of some of the businesses that became involved in the scheme, including those arranging and providing loans that are regulated by the Financial Conduct Authority (FCA) in the UK, and the prominent Spanish hotel management business known as Onagrup, which was responsible for collecting the annual fees paid by investors.

KwikChex is currently in touch with over 100 investors, but believes there are many more that have been affected. Information on the situation and what is being done is available from KwikChex – and owners can also join the group set up on Facebook – see links below.

Contact KwikChex

Global Great Hotels Members Facebook Group

17/03/24 Update

New resources created by KwikChex

Global Great Hotels (GGH) and Restotel Help website

Public Facebook page

Post by Editor