February 5, 2009

Bernie Madoff's Victims: The List

HSBC "has emerged as one the largest victims of Bernard Madoff’s alleged fraud with potential exposure of about $1bn...HSBC’s exposure stemmed from loans it provided to institutional clients, mainly hedge funds of funds, that wanted to invest with Mr Madoff. HSBC’s direct exposure is believed to be about $1bn in loans provided to clients who invested some $500m of their own funds in Mr Madoff’s venture. Under the typical terms of these deals, if the US authorities recover any funds from Mr Madoff, HSBC will be paid first, with its clients suffering the first tranche of losses." (FT:)

Access International. $1.4 billion

Fortis Bank. $1.4 billion

Man Group’s RMF division has about $350m invested in funds which outsourced their management to Madoff securities, although this is a tiny fraction of the division’s $25bn of assets. (FT)

Tremont Capital. Fund of funds. $3.3 billion invested. (FT)

Pioneer Investments, an arm of Italy’s UniCredit, had “substantially all” of $835m invested with Madoff. (FT)

Union Bancaire Privet: $1.1 billion

Benbasset & Cie: $935 million

BBVA: $404 million

Maxam Capital Management LLC. Combined loss of $280 million. "I'm wiped out," said Sandra Manzke, Maxam's founder and chairman. The Darien, Conn., fund of hedge funds will have to close as a result of the losses, she said. (WSJ)

Fairfield Greenwich Group. Bloomberg: The biggest loser may be Walter Noel’s Fairfield Greenwich Group, whose $7.3 billion Fairfield Sentry Ltd. invested with Madoff’s eponymous firm, three people familiar with the matter said... Fairfield Sentry has a record of more than 15 years with an annual return of 4 to 6 percentage points above benchmark interest rates, according to a marketing document dated this month that was prepared by Zurich-based NPB New Private Bank Ltd. On an absolute basis, returns exceeded 10 percent every year from 1991 through 2000. Since then, they ranged from 6.4 percent to 9.8 percent...The strategy is a “split-strike conversion,” where the investment manager buys shares of large U.S. companies and enters into options contracts to limit the risk, the document says.

Fix Asset Management. Bloomberg: Fix Asset Management, which had an account worth at least $400 million with Madoff Investments. The firm said it’s checking with lawyers about the holdings. “We are very shocked,” John Fix, the son of founder Charles Fix, said by phone from Greece. “We put in redemptions in the past few months and got our money back no problem. We are just so surprised about all this.”

Kingate Management Ltd. Bloomberg says $2.8 billion Kingate Global Fund Ltd. invested with Madoff.

Santander. WSJ: The eurozone's largest bank by market value, said its clients had an exposure of €2.33 billion ($3.1 billion) to Madoff's investment funds, mainly through its Optimal Strategic US Equity fund. More than €2 billion belongs to institutional investors and international clients of its private-banking business, which provides services to wealthy individuals, it said. The remaining €320 million belongs to private-banking customers in Spain, where Santander is based.

Thyssen Family. Source sends the following: Thybo Investments grew out of a family office for Thyssen. They have been in fund of funds it seems since 1989. Thybo International is a "proper" fund of fund but it's newer share class G invests only in one manager - and i'm 99% sure it's Madoff as the returns are almost the same. Some more info. The fund started in Jan 2007. Ernst & Young. Luxembourg are the auditors. UBS Luxembourg is the administrator. Thybo states on their webpage: "Our track record incorporates audited financial statements at both a composite firm-wide and individual portfolios level."

Ira Roth's family. WSJ: Ira Roth, a New Jersey resident, who says his family has about $1 million invested through Mr. Madoff's firm, is "in a state of panic." He said his 86-year-old mother-in-law has been living on the investments' returns, and he has been using the funds to pay college tuition.

Sterling Equities. Fund controlled by Fred Wilpon, co-owner of the NY Mets, confirms it had money with Madoff.

Stephen Abbott, a San Francisco lawyer. WSJ: [Abbott] and two siblings had several hundred thousand dollars invested with Mr. Madoff. They inherited the trust from their father, who had befriended Mr. Madoff years ago. Performance remained steady through the current bear market, he said. "People were floored," he says. "We were making money in this lousy market." He says he is concerned about recovering the money but "you have to get philosophical about this stuff. It could be worse; we still have our health."

Palm Beach Country Club. Source: CNBC's David Faber

Lawrence Velvel, "69, dean of the Massachusetts School of Law, said he and a friend may have lost millions of dollars between them (AP). "This is a major disaster for a lot of people," Velvel said in a telephone interview from his Andover, Mass., office. "You work all your life, you finally manage to save up something, and somebody who's entrusted with it, it turns out suddenly he's a crook. Lots of people are getting fully or partially wiped out." Velvel said he wants to know where government regulators, as well as accountants and others at Madoff's company, were when the money was being lost." (AP)

Loeb Family. Source: CNBC's David Faber

J. Ezra Merkin. GMAC LLC Chairman. WSJ: Mr. Merkin, the chairman of former General Motors Corp. financing arm GMAC, is also a money manager at Ascot Partners LLC in New York. Ascot, which had $1.8 billion under management as of Sept. 30, had substantially all of its assets invested with Mr. Madoff, according to a letter to Mr. Merkin sent to clients Thursday night. Mr. Merkin said as one of the largest investors in Ascot, he believed he had personally "suffered major losses from this catastrophe."

Norman Braman. Former Philadelphia Eagles owner

Leonard Feinstein, co-founder of retailer Bed Bath & Beyond. (WSJ)

Mort Zuckerman. Mr. Zuckerman, the chairman of real-estate firm Boston Properties and owner of the New York Daily News and U.S. News & World Report, had significant exposure through a fund that invested substantially all of its assets with Mr. Madoff (WSJ)

Richard Spring. WSJ: A Boca Raton resident and former securities analyst, says he had about $11 million -- or 95% of his net worth -- invested with Mr. Madoff. "That's how much I believed in him," Mr. Spring said.

Elie Wiesel's Foundation For Humanity. Lost $37 million.

Members of half-a-dozen country clubs: WSJ: "Mr. Madoff tapped social networks in Dallas, Chicago, Boston and Minneapolis. In Minnesota, he attracted investors from Hillcrest Golf Club of St. Paul and Oak Ridge Country Club in Hopkins, investors say. One of them estimated that investors from the two clubs may have invested more than $100 million combined. One of the largest clusters of Madoff investors was in Florida, where losses could be substantial. Mr. Madoff relied on a network of friends, family and business colleagues to attract investors. According to investors and agents, some of these agents were paid commissions for harvesting investors. Others had separate, lucrative business relationships with Mr. Madoff. "If you were eating lunch at the club or golfing, everyone was always talking about how Madoff was making them all this money," one investor says. "Everyone wanted to sign up." Jeff Fischer, a top divorce attorney in Palm Beach, says many of his clients were also Mr. Madoff's clients. "Every big divorce that came through my office had portfolio positions with Madoff," he says. Two of his investors said that among his clients, Mr. Madoff was considered a money-management legend; they would joke that if Mr. Madoff was a fraud, he'd take down half the world with him."

Bramdean Alternatives in the U.K. 9% of portfolio.

Banque Benedict Hentsch, Geneva-based private bank, $47.5 million.

Nomura and Neue Privat Bank. "Marketed access to Fairfield Sentry Ltd., a fund overseen by Mr. Madoff and sold through Fairfield Greenwich. The shares offered by Neue Privat and Nomura were leveraged three times -- meaning $3 of borrowed money was added to every $1 of capital invested in order to magnify returns, greatly increasing the potential losses for those investors." (WSJ)

Unicredit. The Italian firm had unspecified amount with Madoff via its Dublin-based Pioneer alt-asset group. (MarketWatch)

Sen. Frank Lautenberg. Unspecified (Newsday).

Robert Lappin Foundation in Massachusetts closed its doors today and is citing relationship to Maddoff fund. $8MM foundation plus personal holdings. Foundation supported Jewish organizations throughout North Shore of Massachusetts. (source: Jewish Journal)

Wunderkinder Foundation, a Steven Spielberg charity. In the past the foundation "appears to have invested a significant portion of its assets with Mr. Madoff, based on regulatory filings. In 2006, the Madoff firm accounted for roughly 70% of the foundation's interest and dividend income, according to regulatory filings. A representative of Mr. Spielberg confirmed that the foundation has suffered losses on its investments with the Madoff firm. He said he didn't know the size of the losses and couldn't comment further, including on whether Mr. Spielberg had any of his own money invested with the Madoff firm." WSJ

BNP Paribas. "BNP Paribas's exposure, the extent of which is not clear, may stem from BNP's lending relationship with a fund of funds that was a big Madoff client, said people familiar with the matter. A BNP spokeswoman declined to comment." WSJ: BNP, France's largest bank by market value, said it could lose as much as 350 million euros as a result of the alleged fraud. The bank said it has no investment of its own in the hedge funds managed by Bernard Madoff Investment Services. BNP Paribas, however, said it is exposed to these funds through its trading business and lending to hedge funds that had invested in Madoff's funds.

Ira Rennert. Vicky Ward of Vanity Fair, said on CNBC."Heavily, heavily invested."

Englebardt family of Los Angeles. (Reader)

Swiss private bank Reichmuth & Co. "said its clients had an exposure of some 385 million Swiss francs to Madoff funds. The bank said Reichmuth Matterhorn, a fund that invests in other hedge funds, faced a potential loss of about 8.6% on its exposure to Madoff. That amount represented about 3.5% of the 11 billion Swiss Francs Reichmuth & Co. has under management, the bank said." (WSJ)

Union Bancaire Privee. UBP spokesman said the bank's clients have "limited" losses related to Madoff, but wouldn't be more specific or comment further. (WSJ)

EIM Group, the European investment manager with about $11 billion in assets, had a number of non-U.S. investors into funds overseen by Mr. Madoff, according to people familiar with the matter. Overall, EIM assets at risk are less than 2% of what it manages, which means losses could top $200 million. (WSJ).

UBS: ""Very limited" direct exposure to the Madoff funds...But the Zurich-based bank's wealth-management arm helped clients in Europe and possibly elsewhere invest with Mr. Madoff, according to investment professionals in Europe who spoke with some of these clients. UBS is currently reviewing its clients' exposure to Mr. Madoff's funds, according to the person familiar with the matter. The person said the funds weren't on UBS's list of "recommended" investments for its U.S. clients, but that they may have been among the firm's suggested investments for overseas clients." (WSJ)

Stephen A. Fine, president of Biltrite Corp. (Reader)

Avram and Carol Goldberg, former owners of the Stop & Shop supermarket chain (Reader)

Helfman family of Miami. (Reader)

Saul Katz, co-owner of the New York Mets.

Irwin Kellner, of Port Washington. (Reader)

Carl and Ruth Shapiro, donors to Brandeis University, and Beth Israel Deaconess Medical Center.

Fairfield County, Connecticut. Bloomberg: First Selectman Ken Flatto and other elected officials in Fairfield, Connecticut, thought the 58,000- person town’s pension fund was holding up well amid the worst financial crisis since the Great Depression. The 18 percent decline in total assets since the end of June looked smart compared with the 31 percent plunge in the Standard & Poor’s 500 Index, and total assets of $286 million left a cushion over the $270 million of estimated liabilities. Flatto’s mood darkened yesterday when he heard Bernard Madoff, a Wall Street executive who oversaw $42 million of the assets, had been arrested and charged with fraud. “We classified this on our portfolio as one of the more conservative investments,” Flatto said in an interview. “You rely on your experts and your managers to be honest.”

Royal Bank of Scotland: $330 million

Nomura: $302 million

Aozora Bank: $137 million

Various Boston families: The Boston Globe.

Jeff Katzenberg. Dreamworks CEO has "millions" in Madoff losses. (WSJ)

Gerald Breslauer. Jeff Katzenberg and Steven Spielberg's financial advisor. WSJ: According to people familiar with the matter, Mr. Breslauer himself has likely sustained heavy losses in the Madoff affair. He customarily invests alongside his clients, say these people, and has sometimes been a larger investor than the people he represented. People familiar with the matter said Mr. Breslauer was known to be a Madoff investor.

Yeshiva University lost $100 million to $110 million. (NYT)

Jewish Federation of Greater Washington said it had $10 million invested with Mr. Madoff, about 8 percent of its endowment as of Nov. 30. The organization said it would work to recover the money. (NYT)

North Shore-Long Island Jewish Health System: $5.7 million exposure to Madoff Securities in the form of a gift from a donor who insisted that it be invested that way. “The donor who contributed the funds has graciously agreed to reimburse the health system for any financial loss,” the organization said in a statement. (NYT)

Ramaz School lost some $6 million invested with Mr. Madoff, according to a letter sent to board members and two parents whose children attend the school. (NYT)

SAR Academy, a Jewish school in the Bronx, had roughly a third of its $3.7 million in assets invested with Mr. Madoff, according to an e-mail message it sent to donors and parents. (NYT)

Chais Family Foundation in Encino, Calif., announced over the weekend that its losses had forced it to stop operating, according to the Jewish Telegraphic Agency. The foundation had $178 million in assets in May 2007, according to its tax form. (NYT)

JEHT Foundation. May have lost hundreds of millions. Will cease operations. (NYT)

Arpad Busson. Uma Thurman's billionaire fiance runs hedge fund, EIM, which was reportedly exposed to roughly $270 million of products sold by Madoff (Mail on Sunday)

Accountants Scott Sosnik & Larry Bell. Accountants who worked for many of Madoff victims claim that they too lost money.

Swiss insurer Baloise. $13 million. (Reuters)

Swiss Re: Less than $3 million (Reuters)

Burt Ross. Former Ft. Lee, NJ mayor lost $5 million.

Maimonides School. Boston school lost $3 million. (Boston.com)

Charles & Cindi Nadler Foundation. $10 million.

Tufts University $20 million (Boston.com)

Alexandra Penney. Artist and author lost bulk of her life savings. (Daily Beast)

Robert Chew. Colorado-based investor. (TIME)

Fair Food Foundation. Detroit-based urban farming group. (NYMag)

Pasha S. Anwar and Julia Anwar. Investors first to sue Fairfield Greenwich. (DealBook)

Pedro Almodovar. Famed Spanish film director has $240,000 "at risk" (Bloomberg)

More as we get them...

Source: ClusterStock

Madoff Client List Is Disclosed in Filing

The names of thousands of apparent customers of Bernard Madoff were made public Wednesday, including a legendary baseball player, famous actors, charities and pension funds -- as well as Mr. Madoff's own lawyer, who is defending him on charges that he ran a $50 billion Ponzi scheme.

The 162-page filing made in U.S. Bankruptcy Court in Manhattan doesn't list the amount each client invested.

Some notable names appear on the list, including Fred Wilpon, owner of the New York Mets baseball team. It isn't clear how many of the clients listed had money at the firm at the time of Mr. Madoff's arrest on Dec. 11.

Other high-profile names on the list include former Dodgers pitcher Sandy Koufax, actor John Malkovich, talk-show host Larry King and New Jersey Sen. Frank Lautenberg. A number of estates or entities associated with deceased people were listed, and those, too, had some famous names, including John Denver Concerts Inc. Charities, museums and pension funds also show up.

Mr. Madoff's laywer, Ira Sorkin, also is on the customer list. Mr. Sorkin previously denied investing and reiterated that fact Thursday morning. He said the "information is incorrect" but declined to elaborate.

The list includes numerous accounts held by the firm's outside auditors, Jerome Horowitz and David Friehling. Also among the names listed are Mr. Madoff's family members, including his sons, Mark and Andrew, and his brother, Peter, as well as the employees who ran the investment-advisory arm of the firm, where the alleged fraud took place. The employees included JoAnne "Jodi" Crupi, and a company owned by the family of Frank DiPascali, who was a key member of Mr. Madoff's investment business.

Also among those listed in the filing are Larry Silverstein, a New York developer who is currently working with partners to rebuild the World Trade Center, as well as a number of large financial institutions including HSBC Holdings PLC, UBS AG, J.P. Morgan Chase & Co., Bank of America Corp., BNP Paribas SA and Citigroup Inc.

A spokesman for Mr. Silverstein, Bud Perrone, said, "Losses incurred by Larry Silverstein and his family absolutely pale in comparison to those innocent investors who lost their life savings as a result of this scheme."

Other prominent New York real-estate names appeared on the list. Among them are two top officials of SL Green Realty, one of Manhattan's largest office building owners. Stephen L. Green, the chairman, and John S. Levy, a board member, are listed.

An SL Green spokesman said, "Steve Green prefers not to discuss his personal investments that have nothing to do with SL Green." He said, "SL Green as a company has had no exposure to investments with Madoff, and does not comment on the personal investments of its executives and board members."

Several members of the prominent Rechler family were on the list. A representative for several family members didn't immediately respond to a request for comment.

Scott Rechler, head of RXR Corp., a privately held property firm with holdings in the New York area who maintains a separate company from his relatives, said his investment with Mr. Madoff was "immaterial" and will have "no effect on anything."

The revelations come at a challenging time for New York property owners. Values have plunged in the face of dried up financing and the recession. It's virtually impossible to get loans for new construction.

The chief compliance officer of Resnick Investment Advisors LLC in Westport, Conn., which is on the list, said in an email that his firm isn't directly invested with Mr. Madoff but received client statements "for clients of ours who ... were Madoff clients."

Also listed as a customer is Blue Star Investors LLC, a fund started by leveraged buyout king Thomas H. Lee. A spokesman for Thomas H. Lee Capital Management, which is the investment manager for Blue Star, said Blue Star once had an account with Mr. Madoff but that it had long been closed. He declined to elaborate further.

David "Sandy" Gottesman, founder of First Manhattan Inc., a New York money management firm with roughly $10 billion in assets under management, is also on the list. Mr. Gottesman is a longtime friend of and investor with Warren Buffett. He owns roughly $1 billion of stock in Mr. Buffett's Berkshire Hathaway, and in 2003 joined Berkshire's board.

A spokesman for First Manhattan said Mr. Gottesman did not have an investment with Mr. Madoff, but a foundation established by him had money there and his wife, Ruth, once had an account but no longer has any exposure.

Each page of the list filed in court has more than 80 names, but many names are repeated, possibly because they had more than one type of account at the Madoff firm, which is in liquidation.

A list of creditors of Mr. Madoff's bankrupt firm was also filed with the court, as well as a list of employees. Prosecutors say Mr. Madoff confessed to his sons that he was part of a giant fraud that cost investors many billions of dollars. He hasn't been indicted but is being held in his Manhattan apartment under house arrest.

The list, which was put together for the Madoff firm's court-appointed trustee, includes names individuals and institutions that "appeared to have been a customer of [Bernard L. Madoff Investment Securities] with an open account" in the 12 months before Mr. Madoff's arrest, according to the court filing.

The firm that compiled the list, AlixPartners LLP, said it used records from Mr. Madoff's firm as well as information that alleged customers left in voicemails on the trustee's hotline or sent emails to the Securities Investor Protection Corp., an agency that is assisting with the firm's liquidation.

The trustee used the list to mail out claims forms that customers can fill out in the hopes of receiving up to $500,000 in cash advances from SIPC, which was set up by Congress to help customers of failed brokerages.

The list does not appear to include the thousands of customers who invested in the Madoff firm through so-called feeder funds run by Fairfield Greenwich Group and many other firms.

It is possible that some names on the list are trustees, executors and lawyers, who are not themselves clients of the Madoff firm but were on a mailing list to receive client statements because they dealt with tax issues for their own clients who had money invested with Mr. Madoff.

Source: The Wall Street Journal

Michael Graves coffee maker rated best deal by Consumer Reports

Many of us Frugal Forcers have a love/hate relationship with coffee. We love to suck down loads of it but hate the detrimental effect it can have on our wallets, especially if it's from a high-priced coffee shop. Fellow blogger Cheap Kate has blogged frequently about her attempts to save money by making her own coffee here at work.

Mercifully, Consumer Reports is coming to Kate's rescue. The magazine has tested 34 different coffee makers and have found the one they say is best: The Michael Graves 12-Cup Coffeemaker, which retails for a relatively inexpensive $40 (some of the "best" coffee makers are priced $100 or more). The magazine cites the coffee maker's high temperature, programmable features and coffee quality.

Consumer Reports also recommends the Melitta Take2, retailing at $25, for an even more frugal cup of coffee.

The always-caffeinated Frugal Force salutes Consumer Reports for its commitment to investigative coffee journalism!

Do you have a preferred coffee maker that's frugal friendly? Are you willing to compromise on price and the quality of your cup of Joe?

Source: Orlando Sentinel

Best Luxury Hotels in Spain

Are you thinking about going on holiday to Spain? Do you want to surround yourself in luxury? Here we offer a selection of the most luxurious hotels in Spain. Relax and enjoy a luxury available to few.


Le Meridien Barcelona
Le Meridien Barcelona interior design is a blend of modern and traditional. Contemporary design is combined with rich natural materials. Luxurious amenities include pillow-top mattresses with feather-down duvets, 42-inch Plasma TVs in the bedrooms and smaller LCD TVs in the bathrooms, high-speed Internet and bathrooms with luxurious Rain Showers. Other pleasantries include complimentary coffee and tea making facilities, pay TV and trouser press and ironing facilities.


Majestic Hotel and Spa Barcelona
In the heart of Barcelona since 1918, the Hotel Majestic is located on Paseo de Gracia in the very center of it all, within walking distance to the city's most exciting landmarks: Las Ramblas, the Plaza de Cataluna, the Gothic Quarter, and Gaudi's major architectural works. The neoclassical facade invites discriminating travelers to enter a world of luxury: discover exquisite accommodations and excellence in service. With 303 rooms and suites, the Hotel Majestic offers a wide selection to meet the needs and tastes of the most demanding travelers. With a classic and comfortable style, all rooms offer an unsurpassed level of luxury and attention to detail. Indeed, many celebrities choose the warmth of the Majestic's rooms for their visits to Barcelona. The hotel's Drolma Restaurant, one of the finest restaurants in the ciy, has been awarded a Michelin star, its chef- Fermi Puig- deemed one of the best in Spain. From divine haute cuisine at the Drolma, the pampering of sauna and massage, remarkable views from the Pool, the most up-to-date technology including a Satellite Newspaper kiosk to access 168 international newspapers, and impeccable service- the Hotel Majestic is the place to stay in Barcelona.


Finca Cortesin Hotel, Golf and Spa — Malaga
Located by Casares, Andalucia, and just a mere 2km from the beach, Finca Cortesin is a cosseting, elegant essay in luxury. Designed by architects Roger Torras and Ignacio Sierra, the hotel is comprised of two Andalusian-inspired buildings. Suites are spacious, from 40-176 square meters with ornate, high ceilings, and interiors conceived by international designer Duarte Pinto Coelho. Technological features are balanced with modern, classic design, and gourmet food is available at 3 restaurants, overseen by the artful hand of Dutch chef Schilo Van Coevorden.

A 2,200 square meter signature spa offers a full range facilities and treatments for those seeking relaxation and great mental quietude. The 5-star deluxe hotel will offer one and two bedroom suites, all lavishly appointed and elegantly furnished, with high ceilings and top specifications.

Finca Cortesin is also home to a championship standard 18 holes golf course, designed by Cabell Robinson, together with Jack Nicklaus Academy and Home of the Volvo World Match Play Championship.


The Westin Palace Madrid
Comissioned by Alfonso XIII in 1912 and in only 18 months, the Westin Palace Madrid crowns the dream of a king, the desire to give Madrid a hotel worthy of a capital. Since then, The Westin Palace has been a meeting point, playing a central role in all the important events connected with Spain's history. Located in the heart of Madrid, a sparkling dynamic city full of charm that hosts the best of Spanish and world art in a kaleidoscope of sensations-- El Prado, Thyssen-Bornemisza, Centro de Arte Reina Sofia Museums-- the Westin Palace is Warm and glittering, aristocratic and inviting. A Member Of The Starwood Luxury Collection, The Most Luxurious Hotel In Madrid Is A Monument To Elegance Combining Turn Of The Century Grandeur With New Amenities And High Tech Touches Of A Modern World Class Hotel. A Full Service Business Center And 18 Ultramodern Function Rooms Make The Westin Palace Ideal For Meetings And Conferences. Work Out At The 24 Hour Fitness Center, relax In The Sauna Or Solarium, then Enjoy Elegant Dining At La Rotonda Where Mediterranean Specialties Are Complemented By Selections From The Extensive Wine list.


AC Palacio del Retiro Madrid
This 50 room hotel is housed in a building that dates from the beginning of the 20th Century and it is protected by National Heritage status.

When you enter your room, you will feel like you have entered into a place deigned to help you rest, like the four pillows on your bed. Exclusive details, such as the special reading lamps on the bed head, smoker/non-smoker rooms, room service and personal climate control. Designed to make you feel that your room is always how you want it.

The hotel's restaurant, Indice, is set in the elegant public area of the hotel with privileged views over the Retiro park gardens. The restaurant offers a menu derived from the best products on the market, prepared to draw out the best of their natural characteristics and flavors. The hotel's menu, inspired by the cuisine of the Mediterranean, stands out for its first-rate preparation of the most traditional dishes in Spanish gastronomy.


Palacio de Santa Paula Granada
Hotel AC Palacio de Santa Paula is a 75 room property located in the old part of Granada, the result of a careful and meticulous renovation of the old Santa Paula Convent and conservation the old cloister. A unique establishment where guests are able to rest and enjoy one of the principal monuments of the city centre, in the luxury of a fine hotel.

The "El Claustro" restaurant, housed in the old Convent Library in the Cloister area, serves lunch, dinner and an exquisite buffet breakfast, featuring home made pastries. In addition to its comprehensive list of the best D.O. Spanish wines, the service is excellent.


Palacio Eugenia de Montijo Toledo
The Renaissance building which was the palace of the Empress Eugenia de Montijo, the wife of Napoleon III, houses a boutique hotel with 40 rooms. This palace which was reconstructed under the attentive and scrupulous supervision of architects, archaeologists and specialised restorers, enables you to admire Roman sewer systems, Arab walls from the 14th Century, coffered ceilings from the 14th and 16th Centuries where the coats of arms of the principal families of Toledo of that period appear.

The history, luxury, and relaxation provided by our spa and the exquisite cuisine of the famous chef Adolfo Munoz are to be found in the town of the three cultures.


Hotel Opera Valencia
Hotel Opera Valencia is housed in a brand new modern building just finished in spring 2007. A mix of interior design and functional ambiance is complimented by natural day light in all installations. Because of its image and design, the hotel is specially meant for all kind of guests whether business or leisure ones. Amenities includes panoramic lifts, convention centre, gymnasium, spa, bike hiring, left luggage office, business centre, and a VIP floor. It is a comfortable and modern space with all of the most advanced tecnological facilities. The interior design has been designed in order to make all the hotel facilities most warm and welcoming. The hotel is decorated plainly with high quality details and exclusive environment. The hotel has parking with special rates for guests. There are 262 rooms, along with spacious meeting rooms with integrated audiovisual materials.


Eurostars Madrid Tower
For this ambitious Madrid project, Eurostars Hotels has chosen an innovative decor in tune with the exterior image of the building, based on fine materials and an elegant combination of colours. As in the rest of the hotels belonging to the chain, art and culture will have a significant presence in the Eurostars Madrid Tower***** in the form of exclusive works by prestigious artists. Hotel guests will be able to perceive that they are in a high-rise building through the fantastic views that can be admired from each of its 478 guestrooms.

The Eurostars Madrid Tower takes up 30 floors of the majestic SyV Tower, rising 235 metres high. This spectacular colossus designed by architects Enrique Alvarez Sala and Carlos Rubio Carvajal is supported by three large elliptic pillars that emerge, as though from a crater, from the two levels of the public plaza situated beneath the tower. The triangular layout of the ground plan, with its vertices and curved sides, generates an unbroken double glazed facade. The distribution of space is conceived around a central core containing all the vertical communications systems. The interior design is the work of GCA Arquitectes, the studio who also decorated the Eurostars Grand Marina Hotel*****GL, the flagship of the company, set in the Port Vell harbour area of Barcelona. For this ambitious Madrid project, Eurostars Hotels has chosen an innovative decor in tune with the exterior image of the building, based on fine materials and an elegant combination of colours.


Hotel Murmuri Barcelona
The Hotel Murmuri is located in the very center of Barcelona, on Rambla de Catalunya, home of the best in shopping, Gaudi monuments. Sister property of the renowned 5 Star Grand Luxe Hotel Majestic, it offers excellent service to welcome the most demanding travellers.

Opened in March 2008, this boutique hotel offers the highest quality Asian cuisine, Asiatic Murmuri Restaurant - combining pleasure with healthy eating and The Marfil Bar & Terrace located in the hotel lobby with a large terrace on Rambla Catalunya.

Do not you think more and go on holiday to Spain! You will not regret!