Local September 20, 2024 | 11:22 am

Cryptospain scammer takes over Globalia Aparthotel in Bávaro

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.

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Mr. Sensible
September 21, 2024 1:45 pm

I feel sorry for the tenants and the lost business over the past 5 months due to the obvious laundering of money through the never-ending and disruptive renovations taking place. They have lost a ton of business and won’t likely be compensated. That whole complex has been a scam since day one.

Last edited 19 days ago by Mr. Sensible
John Perrozzino
September 27, 2024 10:15 am

This Globalia Apartment Hotel is a Condominium, Gran Caribe Condominium Corp. While Globalia owns 90 % of the apartments, It does not own the common areas.
I am trying to find the names of the Board Members- President/VPresident/Treasurer. We have had in the past companies that were hired as administrators to run and maintain the property but whenever Globalia tried to run it, Everything went downhill. We have no been able to obtain any Budgets or statements from Globalia in the last 10 years. It makes for a very insecure investment.