I started the 'Takeover at Petchey Leisure' thread nearly 4 months ago after I used my unit in May/June.
Had heard nothing more about this until yeterday when I received the following letter which no doubt all members will receive.
We have great pleasure in informing you that the Petchey Leisure Group has recently been aquired by Magnum Global Holdings Singapore Pte Ltd (Associate of MGM).
Magnum Global Holdings Singapore Pte.Ltd is a group of companies with diversified interests in international hotels,logistics,hospitality,mining,shipping,tea estates and distilling amongst other industries.
The group was founded in 1963 by my father Dr M G Mathu.Not dissimilar to Mr Petchey,he is a self made man from humble beginnings who has always relied on his strong principles of truth,hard work,simplicity,honesty and faith.
With each new venture that we undertake we like to start with a bold statement.You may have seen the remarkable transformation that has occurred in Clube Praia da Oura's reception.The modern and contemporary feel is only a start of wonderful refurbishments still to come.Also the work on the swimming pool at the resort is a welcome change.
We are delighted to welcome Petchey Leisure members into our family.We have exciting plans for expansion and intend to offer new destinations in Asia and Europe for our members to explore.
Whilst many will remember Mr Petchey fondly,we wish to ensure you that our aim is to build upon the strong culture of hospitality and service for the future.
We look forward to the future with all our members and employees..
M G Muthu Group
....end of letter.
First impressions by myself seem fair enough,certainly refurbishment of units is long overdo.However it still remains a fact that rentals can be obtained for less than the the current maintence fees.If they continue to rise at the rate the salespeople were keen to suggest when they were recommending their very stupid and extremely expensive scheme for getting out of 'in perpetuity' then many of us members being welcomed to the new group will be looking for out.
A google search shows they may be part of the MGM group,but not MGM (MGM Resorts International) group.So no cheap weeks in Vegas.