The Intercontinental Hotel on Polaris World's Mar Menor Resort has been sold to a consortium of Banks.The five star hotel is part of a group of assets that Polaris has sold to obtain liquidity.

The Intercontinental Mar Menor Golf Resort, which is located in the residential complex of the same name, and owned by Polaris World, has been bought by a group of banks and saving banks. The developer and the banks closed the sale of the group of assets, worth a total of 83 million euros, on 22 April.

In addition to the five star hotel, the financial institutions also purchased three of the developer's golf courses: the Mar Menor Golf Resort 2, the Condado de Alhama golf course, and the La Torre Golf Resort 2.

The assets sold to Banco Popular, Banco de Valencia, Bancaja, and CAM by Polaris World include several residential properties.

The sale was completed on 22 April, and ensured that Polaris World has enough liquidity to continue its property development activities, and avoid insolvency proceedings. A week later the Mercantile Court number two of Murcia issued a court order which shelved the pre-insolvency proceedings which had been initiated by the developer, and declared that fifteen of its subsidiary companies were no longer in a state of insolvency.