# ONA EXIT ALLIANCE / LPB PROPCO / HOTEL EXPLOITATION — UNITARY ANALYSIS **Date:** 17 August 2026 **Status:** `CONTROLLING UNITARY ANALYSIS / PUBLICATION AND RETRIEVAL ADDENDUM` **Scope:** June–September 2018 commercial exit architecture · ONA Hotels / Clubotel La Dorada · Aweswell / LPB / Matkator · Daniel Irigoyen · Cuatrecasas · finance/security · Concurso 36/2012 · later Calificación ## Purpose This file resolves a recurring framing problem. The 2018 exit initiative should not be described as a generic rescue of a single insolvent hotel company, as an ONA-only transaction, as a lender-only refinancing, or as a formal joint venture unless a formal JV instrument is actually located. The source-supported picture is a **coordinated, multi-party exit architecture** in which legally distinct layers had to be aligned: `SHAREHOLDER / INVESTOR → INSOLVENT PROPERTY COMPANY → OTHER PROPERTY OWNERS → HOTEL GOVERNANCE / EXPLOITATION LAYERS → PROFESSIONAL HOTEL OPERATOR → EXTERNAL FINANCE → SECURITY → LEGAL / TRANSACTION COORDINATION → COURT / AC EXIT MECHANICS` That separation is strategically important to the later Calificación because it prevents the company, the real-estate perimeter, the whole hotel, the hotel exploitation and the operating company from being treated as interchangeable concepts. --- ## 1. Executive unitary finding By June 2018 there was not simply an `insolvent hotel company` looking for a rescue. The controlled record supports the following stronger and more precise description: > **LPB was the insolvent debtor and, functionally, the principal property-owning company within a mixed-ownership hotel complex. It owned a majority, but not the whole, of the real-estate perimeter and was not legally identical to the hotel-wide exploitation/operating layer. The proposed exit therefore had to do several things at once: determine and pay the LPB insolvency liabilities; restore LPB's ordinary corporate autonomy; stabilise hotel exploitation through a professional operator, Clubotel La Dorada / ONA Hotels; coordinate external financing and staged security; and address the fragmented ownership/operating perimeter.** The architecture was coordinated by several advisers and transaction participants. ONA Hotels was the **operating anchor**, not automatically the legal, equity or financing leader of every workstream. Daniel Irigoyen's own contemporaneous 13-Jun-2018 account is especially valuable because he described the mandate in exactly multi-layer terms: he says he presented himself to the Judge as the lawyer tasked with solving the situation and coordinating the investor, shareholder company, insolvent company and hotel operator, while protecting assets and enabling payment/exit. Accordingly, the preferred description is: > **`ONA Hotels-centred coordinated exit architecture`** or in Spanish: > **`arquitectura/alianza coordinada de salida articulada alrededor de ONA Hotels como ancla operativa`**. Do **not** call it a formal `joint venture / JV` unless a formal JV agreement, shareholders' agreement or equivalent instrument is located. --- ## 2. Actor and legal-layer map ### Aweswell Limited **VERIFIED ROLE:** shareholder / upstream investor-side company owning LPB shares; same UK company formerly named Monterecco Sun Park Limited under the existing correction register. **Not:** the hotel operator merely because it owned LPB. ### Luchy Playa Blanca, S.L.U. (LPB) **VERIFIED / FUNCTIONAL DESCRIPTION:** insolvent debtor in Concurso 36/2012 and principal property-owning company within the mixed-ownership Sun Park perimeter. Use `propco` only as economic shorthand. It is not a formal Spanish legal classification. Preferred wording: > **`LPB era, en términos funcionales, la principal sociedad propietaria inmobiliaria del complejo y la deudora concursada.`** Critical boundary: > **LPB was not `the whole hotel` and was not legally identical to the hotel-wide exploitation layer.** LPB could nevertheless have contractual rights, receivables, leases and economic interests connected to hotel exploitation. The distinction is not `LPB had nothing to do with operation`; it is `ownership/debtor status and hotel-wide exploitation were legally distinct layers`. ### Other property owners The Sun Park real-estate perimeter was mixed ownership. A later 21-Jul-2021 certified property-by-property schedule records a 262-property perimeter of: - 190 LPB; - 54 CAM; - 18 third parties. This is useful corroboration of the structural proposition that LPB owned a **majority but not all** of the property perimeter. **Mandatory boundary:** this is a 2021 certification. Do not silently back-project the exact 190/262 ratio to June 2018 without a June-2018 title schedule. Also preserve the existing control that `property count ≠ built area ≠ market value ≠ voting power`. ### Comunidad de Propietarios Sun Park nº1 A distinct governance/co-ownership layer. It is not LPB and must not be treated as LPB merely because LPB held a majority property interest. The signed 6-Jun-2018 hotel-industry lease names the Comunidad de Propietarios as the lessor-side contracting entity and Clubotel La Dorada as lessee/operator-side party. ### Comunidad de Explotación Sun Park (CEXP) A distinct historical exploitation structure, separate from the Comunidad de Propietarios and separate from LPB. The signed 6-Jun-2018 ONA/Clubotel contract recites that the complex had historically been operated under an industry-lease structure involving CEXP as lessor to Lava Verde, S.L., subject to the contractual/history disputes elsewhere controlled in the repository. ### Pink Canary Services / Spanish Monterecco Sun Park Separate operating/lessee company relevant to the 6-Feb-2012 lease branch later used in the Calificación. It is legally distinct from Aweswell, LPB and the Comunidad structures. ### Clubotel La Dorada, S.L. / ONA Hotels **VERIFIED OPERATING ANCHOR.** The signed 6-Jun-2018 `Contrato de Arrendamiento de Industria` facially identifies Clubotel La Dorada, S.L. as the lessee/operator-side party. Current Ona legal notice identifies the owner of onahotels.com as **Clubotel La Dorada, S.L.**, currently styled `Ona Hotels & Apartments`. For historical 2018 public shorthand, `ONA Hotels` is clear and source-consistent. Where exact legal identity matters, use: > **`Clubotel La Dorada, S.L. (ONA Hotels)`**. Do not invent `ONA Hotels & Resorts` as the group name. ### External financiers / funds Separate financing layer. Multiple parallel/successive finance routes existed before and after 13-Jun-2018. Public proof does not depend on naming each lender. ### Cuatrecasas Not merely DD provider. Read `archive/CUATRECASAS_2018_TRANSACTION_ROLE_SOURCE_UPGRADE_17AUG2026.md`. Controlled role included: - DD / property / registry work; - ONA operating-contract drafting/revision/execution support; - security structuring and `garantías provisionales`; - term sheets and financing/security documentation; - financier/transaction coordination; - concursal debt-quantification / exit filings and strategy; - appellate/debt-interest quantum advice. ### Daniel Irigoyen Fujiwara **VERIFIED HISTORICAL CAREER:** career magistrate and mercantile specialist. BOE-A-2013-7716 placed him in voluntary leave (`excedencia voluntaria`, art. 356.c LOPJ) from 1-Sep-2013. The official 2018 judicial seniority list, closed 31-Mar-2018, records `IRIGOYEN FUJIWARA, DANIEL` with `E.V. 356.c` and `ESP. MERCANTIL`. BORME-A-2018-47-08 records his admission as a professional partner of De Pasqual & Marzo Abogados SLP on 28-Feb-2018. Therefore, for the June-2018 story the strong source-supported description is: > **`Daniel Irigoyen Fujiwara, magistrado de carrera y especialista mercantil que constaba en excedencia voluntaria en el escalafón judicial de 31 de marzo de 2018 y que en 2018 ejercía como abogado/socio profesional.`** His 13-Jun-2018 email proves the capacity in which he says he approached the Las Palmas Judge: **as lawyer**, not as judge. Do not describe him as `ONA's lawyer` unless a retainer proves that narrower role. His own account is broader: legal/transaction coordination across investor, shareholder, insolvent company and hotel operator. Preferred shorthand: > **`Daniel Irigoyen, abogado y coordinador jurídico de la estructura de salida.`** or, where his judicial background is material: > **`Daniel Irigoyen, magistrado de carrera en excedencia que actuaba en 2018 como abogado/coordinador jurídico de la salida.`** --- ## 3. 6 June 2018 — operating layer made concrete **SIGNED PRIMARY DOCUMENT.** Gmail attachment: `18_06_06_4147-8650-9331 v 10 LUCHY PLAYA - Contrato Arrendamiento de Industria DEF_ FIRMADO.pdf` Parent Gmail locator used in source recovery: `1673280d9cb81dd0`. Key facial/documentary points: - signed 6-Jun-2018; - title: `CONTRATO DE ARRENDAMIENTO DE INDUSTRIA`; - lessor-side party: **Comunidad de Propietarios Sun Park nº1**; - lessee/operator-side party: **Clubotel La Dorada, S.L.**; - contract describes the real-estate complex as **262 registered properties**, including apartments, commercial premises and solarium/pool/common-installation properties; - recitals describe the prior exploitation structure through **Comunidad de Explotación Sun Park** and Lava Verde. Strategic significance: > **The signed operator document itself demonstrates that property ownership, Community governance and hotel exploitation were distinct layers.** This matters to later public explanations: LPB's insolvency was an insolvency of a specific debtor/property-owning company within that wider architecture, not a legal identity statement that `LPB = the whole hotel = the operator = all property`. --- ## 4. 13 June 2018 — Daniel's mandate and judicial presentation **CONTEMPORANEOUS PROFESSIONAL ACCOUNT, NOT JUDICIAL MINUTE.** Gmail locator: `163faf9a8a4d3b74` Daniel's account says that before the Judge he presented himself as lawyer with the mandate to solve the situation and coordinate: - investor/fund; - shareholder company; - insolvent company; - hotel operator; - asset protection; - payment/exit mechanics. The account then describes the proposed route as conclusion of the insolvency by paying the concursal debt, restoring LPB's ordinary autonomy and recovering the ability to operate the apartments through a hotel-chain/operator structure and pursue claims outside the insolvency process. According to Daniel's account, the Judge: - regarded conclusion / return of the company outside the insolvency process positively enough to permit the route to be explored; - asked that the conclusion request be advanced promptly; - contemplated an updated debt figure from the AC and a deposit/guarantee route; - kept the improved-offer route alive while the conclusion route was explored; - said he would speak with the AC. Daniel then met the AC and discussed the same route. ### Mandatory counterevidence The Judge's reported initial openness is **counterevidence** against a simplistic theory that he obstructed every exit attempt from the outset. It strengthens a narrower later-accountability question: > **How were the later surviving adverse findings in Sentencia 163/2023 reconciled with a 2018 commercial-exit architecture that the Judge was contemporaneously reported to have understood and allowed to be explored?** That is a stronger accusation framework than claiming continuous obstruction without exception. --- ## 5. The correct meaning of an `ONA Hotels-led alliance` The user describes an `ONA Hotels-led alliance and us/our JV`. The source-complete formulation should be more precise. ### What is supported - ONA Hotels / Clubotel was the professional **hotel-operating anchor**; - Aweswell/LPB supplied shareholder/debtor/property-side participation; - Matkator supplied distinct non-concursal property/security value; - external financiers supplied or explored finance routes; - Cuatrecasas and other counsel structured legal, contractual, financing and concursal work; - Daniel Irigoyen coordinated the multi-party legal/transaction exit presentation; - the architecture contemplated minority-property acquisition / unitary operational normalisation. ### What is not yet established - a single formal legal `joint venture` entity or JV agreement binding all those participants; - ONA as legal leader of every financial/legal workstream; - one lender as sole committed finance source; - satisfaction of every condition precedent in every financing route. ### Preferred public wording > **`una alianza/arquitectura coordinada de salida, articulada alrededor de ONA Hotels como operador hotelero profesional y ancla de explotación, junto con Aweswell/LPB, financiación externa y un equipo jurídico-transaccional.`** If a shorter LinkedIn sentence is needed: > **`una salida coordinada con ONA Hotels como ancla operativa, Aweswell/LPB en el lado propietario/societario, financiación externa y asesores jurídicos y transaccionales.`** --- ## 6. Why `LPB = hotel` is strategically and legally misleading Future public writing should reject any shorthand that collapses: `LPB` into `all Sun Park property` into `hotel-wide exploitation` into `the operating company`. The correct layered description is: 1. **LPB** — debtor / principal property-owning company, with its own rights and obligations; 2. **other registered owners** — legally distinct property rights outside LPB; 3. **Comunidad de Propietarios** — co-ownership/governance layer; 4. **CEXP / historical exploitation structures** — separate exploitation layer; 5. **Pink / other operator-side entities** — separate companies/contracts relevant to exploitation and rent; 6. **Clubotel / ONA Hotels** — intended 2018 professional operating anchor; 7. **finance/security providers** — separate transaction layer. This is not semantic pedantry. It determines: - which assets were in LPB's insolvency estate; - which assets belonged to third parties / Matkator / other owners; - who could generate accommodation revenue; - who owed or could owe rent; - who controlled hotel operation; - what security could be granted before and after exit; - what had to be normalised to restore a unitary hotel operation. --- ## 7. Calificación / Pink / rent implications Read with the current canonical Calificación matrix and Allegation 03 ledgers. The AC/Fiscal/Judgment Pink branch treated a 6-Feb-2012 exploitation/lease relationship and alleged non-payment of rent as a major culpability/causation route. Sentencia 163/2023 retained a Pink branch and imposed the EUR 3,032,010.34 consequence identified in the canonical matrix. The source-controlled counter-question is **not** simply `LPB was only a propco so rent did not matter`. LPB could hold contractual rights to rent and those rights must be analysed on their terms. The stronger unitary question is: > **Did the Calificación and Judgment keep legally separate the shareholder, LPB as debtor/property owner, the operating company, hotel-wide exploitation, the Comunidad structures and other property owners when attributing rent, non-collaboration and causal prejudice — or did any surviving finding depend on collapsing distinct layers?** For the Pink-profitability branch, preserve the existing evidential control: > **continued hotel operation does not, by itself, prove distributable profit or rent-paying capacity in every month.** The exact accounting, revenue flows, lease terms, operational-control perimeter and ability to pay must be tested against primary records. Do not state `the judgment conflated all entities` as established fact unless the proposition-by-proposition judgment text demonstrates that exact collapse. --- ## 8. Public accusation / LinkedIn consequence For accusation-led LinkedIn drafting, the 2018 architecture should be used to prove **knowledge and contradiction**, not as a digression into transaction history. Preferred compressed sequence: 1. `ACCUSATION` — Gil alleges Judge Alberto knowingly signed materially irreconcilable findings. 2. `WHO DANIEL WAS / CAPACITY` — career mercantile magistrate recorded in voluntary leave and acting in 2018 as lawyer; his own account says he coordinated investor + shareholder + insolvent company + hotel operator. 3. `WHAT LPB WAS` — the insolvent principal property-owning company in a mixed-ownership hotel, not the entire hotel and not the same thing as hotel-wide exploitation. 4. `WHAT ONA WAS` — Clubotel / ONA Hotels as professional operating anchor. 5. `TRANSACTION SERIOUSNESS` — business plan, ECO valuation, multi-route external finance, staged security, broad Cuatrecasas legal/transaction work. 6. `JUDICIAL KNOWLEDGE` — 13-Jun contemporaneous account says the route was explained and allowed to be explored. 7. `LATER CONTRADICTION` — Sentencia 163/2023 surviving findings. 8. `CHALLENGE` — **PRODUCE THE DOCUMENTARY BRIDGE.** This gives more pressure than describing a generic `rescue package` because it forces the later judgment to be tested against the legal architecture the court was being asked to navigate. --- ## 9. Publication-safe Spanish paragraph > **`En junio de 2018 no había simplemente una “empresa hotelera insolvente” buscando un rescate. LPB era la sociedad concursada y, en términos funcionales, la principal propietaria inmobiliaria dentro de un complejo de propiedad mixta: tenía la mayoría, pero no la totalidad, del perímetro inmobiliario; no era “el hotel entero” ni equivalía a la explotación hotelera. La salida exigía pagar el pasivo concursal de LPB, devolverle autonomía societaria, estabilizar la explotación mediante Clubotel La Dorada / ONA Hotels como operador profesional, coordinar financiación externa y garantías escalonadas y recomponer un perímetro operativo unitario. Daniel Irigoyen —magistrado de carrera que constaba en excedencia voluntaria y que en 2018 ejercía como abogado— describió al juez precisamente una misión de coordinación entre inversor, sociedad accionista, concursada y hotelero.`** Shorter LinkedIn version: > **`LPB no era “el hotel entero”: era la concursada y principal sociedad propietaria dentro de un complejo de propiedad mixta. La explotación era una capa jurídica distinta. En junio de 2018 se articulaba una salida con ONA Hotels como ancla operativa, financiación externa, garantías escalonadas y un equipo jurídico-transaccional; Daniel Irigoyen, magistrado de carrera en excedencia y entonces abogado, explicó al juez que su mandato era coordinar inversor, accionista, concursada y operador hotelero.`** --- ## 10. Open evidence / further completion targets 1. **2018 property-title schedule:** recover a date-specific June-2018 property count to avoid relying on the later 2021 190/54/18 certification for exact percentages. 2. **Formal JV question:** locate or exclude a formal JV/shareholders/consortium agreement. Until then use `alliance / architecture / coordinated exit initiative`, not formal JV. 3. **Exact filed conclusion application:** recover filing, annexes, docket receipt and exact treatment after the 13-Jun meeting. 4. **Debt certificate / amount:** recover the AC/court output identifying what had to be deposited/guaranteed/paid to conclude the insolvency. 5. **2018 operator / exploitation accounting:** map revenue, rent liability, operator receipts and cash available to Pink/other operators proposition by proposition. 6. **Hearing record:** complete certified 25-Jul-2023 hearing/service material for evidence-before-Judge analysis. 7. **Appellate record:** preserve current RPL 2523/2025 status and any later terminating decision exactly. --- ## 11. Source locators / controls ### Primary/private source locators - Gmail `163faf9a8a4d3b74` — Daniel Irigoyen 13-Jun-2018 judicial/AC meeting account. - Gmail `163f8e6fe309df87` — same-day corroborating Carlos Sanz summary. - Gmail `1673280d9cb81dd0` + signed attachment `18_06_06_4147-8650-9331 v 10 LUCHY PLAYA - Contrato Arrendamiento de Industria DEF_ FIRMADO.pdf` — signed Clubotel / operator instrument. - Gmail security-package thread `163f349d61d126e1` and messages recorded in the ONA/Cuatrecasas ledgers. - Gmail `166117b1a50bd3ad` — later executed Binding Term Sheet. ### Repository controls - `archive/ONA_COMMERCIAL_EXIT_OPERATIONAL_NORMALISATION_PACKAGE_2018_16AUG2026.md` - `archive/ONA_FINANCE_CONDITIONS_STAGED_SECURITY_POSITION_16AUG2026.md` - `archive/ONA_COMMERCIAL_EXIT_RETRIEVAL_GATE_16AUG2026.md` - `archive/CUATRECASAS_2018_TRANSACTION_ROLE_SOURCE_UPGRADE_17AUG2026.md` - `archive/SUN_PARK_SAME_ASSET_MULTIPLE_FINANCIAL_LIVES_CONTROL_CHAIN_16AUG2026.md` - `archive/CALIFICACION_CANONICAL_AC_FISCAL_JUDGMENT_PERSON_MATRIX_17AUG2026.md` - current Allegation 03 Pink/rent ledgers. ### Official public controls - BOE-A-2013-7716 — Daniel Irigoyen voluntary leave from Carrera Judicial effective 1-Sep-2013. - BOE-A-2018-5535 — official judicial seniority list closed 31-Mar-2018, recording Daniel Irigoyen as `E.V. 356.c` and mercantile specialist. - BORME-A-2018-47-08 — admission of Daniel Irigoyen as professional partner of De Pasqual & Marzo Abogados SLP, registered 28-Feb-2018. - current Ona legal notice — Clubotel La Dorada, S.L. identified as the company behind Ona Hotels & Apartments. ## Continuity instruction Future ChatGPT threads touching **Daniel Irigoyen, ONA Hotels/Clubotel, June-2018 exit, LPB as propco, mixed ownership, hotel exploitation, formal-JV language, 13-Jun judicial knowledge, staged security, Cuatrecasas transaction work, or Pink/rent entity separation** should read this file before drafting public material. It is a unitary analytical/control record, not a substitute for the primary documents.