Yes I have also heard the same

some information here on this link from Redhino

http://www.holidaytruths.co.uk/viewtopic.php?t=537&start=1140

I was hoping it was a vicious rumour ! What a shame if its true - I just think its a bit odd as the Alvaro apartments and villas are still there - cant imagine they would sell a little goldmine like their restaurant, especially as it was always full every night when we went last August. Oh well, going back there in July will see for ourselves I suppose.

Hiya
sorry to be bearer of bad news but its soo true.I was really gutted the place holds many memories for me.My friend and his brother normally work in the Alvaro but it has now been closed and is now a bank.The apartments/hotel is still running.I dont know if you remember leon??he worked there for a years but wasnt working there last summer,well he has bought the new bar which was across from Alvaro aside 3bells,its called sweetys and leon has that so ive heard few of the lads will be working in there.
Shame thought alvaro was great at night