• Shelbourne sell-off

Irish Bank Resolution Corporation is to sell debts against the Shelbourne hotel in Dublin, in a USD152m deal with Kennedy-Wilson. The buyer will use a mix of debt and third party equity to transact the deal, reports Bloomberg.

The historic Dublin hotel was bought by Irish investors in 2004, when Irish banks lent more than EUR200m to fund the purchase and refit. By 2011, the market value of the hotel had slipped to EUR86.5m, while debts stood at EUR289m.
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