Bavaro.- Cryptospain, notorious for its history of financial fraud, has now established a presence in the Dominican Republic by taking control of the Globalia aparthotel in Bávaro, specifically in the El Cortecito area. Álvaro Romillo, a key figure associated with the club and known for his expertise in tax evasion, negotiated the deal directly with the president of the Spanish tourism group.
Following a judicial investigation into scams affecting numerous investors involved in cryptocurrency, Cryptospain has shut down all its profiles and websites. The Hidalgo aparthotel, featuring around 150 beachfront suites, is currently undergoing extensive renovations due to its previous state of neglect.
The Hyatt Group opted not to take over the property, as its location was not deemed prime enough, contributing to Juan José Hidalgo’s dissatisfaction with the site, which has struggled to operate at full capacity. Concerns among employees have risen following reports of Cryptospain’s brand closures in various Spanish media outlets.
Romillo, who previously promoted himself as “Luis Cripto” while appearing masked online, lacks experience in the hotel and tourism sectors. His cryptocurrency operations have recently established bases in the Dominican Republic, acquiring a villa in Cap Cana and leasing space in Plaza San Juan for business activities related to Cryptospain. Despite the controversy, Romillo and his associates have remained active in the Caribbean country.