The →Ocean Club is one of the best accommodations for families in the region of Praia da Luz in the Portuguese Algarve.
Today it is a pretty four star resort named Luz Ocean Club at Rua Direita 44, Vila da Luz, Luz 8600-160, Portugal
Here is an interesting anecdote of a tourist's experience at the Ocean Club in May 2007: → My Experience of Maddie's Resort in Praia da Luz
See also: Ocean Club Child Care
See also: Ocean Club Staff
See also: Tapas Bar
See also: Apartment 5A
The Ocean Club was roughly divided into 3 parts:
Negotiations between →Mark Warner and the owners of the the →Ocean Club began in January 2006 and lasted for about a year (note: this is odd, as Mark Warner already offered Ocean Club holidays in spring 2006) through the intervention of European Leisure Holdings Ltd (a mother company of Mark Warner) after which the Mark Warner partners Mark Chitty and Andrew Searl purchased Luz Oceano and Luz Ocean II.
Luz Oceano and Luz Oceano II was sold for 1.85 million Euros, distributed according to their quotas: Crossland - 30%, Symington - 35%, Garveigh - 35 %. 25 % was paid on signing the contract, 25 % in July 2007 and the rest is to be paid in 8 instalments over the next 5 years, as from 1st May 2009.
A rental contract was negotiated for the 27 apartments owned by George Propiedades: 328,000.00 euros per year for a total of ten years.
A company called GreenTrust SA was created for logistical and fiscal reason as is necessary in Portugal.
The contract between Mark Warner and the Ocean Club can be denounced if the selling party's tourist operation licence is cancelled.