• Lone Star scoops hotel debts

Investor Lone Star is understood to have successfully purchased GBP5.2bn of bank loans in Project Rock and Project Salt, sold by the Irish Bank Resolution Corporation. The deal includes loans owed by QHotels, Sommerston Hotels and Puma Hotels, reports Costar Finance.

Lone Star has paid a price representing a discount of more than 30% to the gross unpaid balances outstanding. The deal reflects a far better outcome for IBRC than that envisaged when the distressed loan sale was announced last summer.

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