The Lanzarote Sands Beach Resort in Costa Teguise will be purchased by Recursos Solares Alternativos SLU, a company owned by the Papagayo Arena Group.
A price of €11 million was approved by a court as part of the insolvency proceedings affecting Sands Beach, which filed for bankruptcy in 2017.
Sales had been previously blocked due to an investigation into the owners of the resort. The Kokorev family were accused of acting as frontmen for the Equatorial Guinean dictator Teodoro Obiang. Russian businessman Vladimir Kokorev was sentenced to two and a half years in prison and fined €20 million for money laundering offences last year.
Around 130 jobs at the complex have been guaranteed as part of the deal.
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