Belfast Telegraph

Dunne loses all control of hotel sites

By Donal O'Donovan and Tim Healy

Developer Sean Dunne has finally lost all control of the former Jurys and Berkeley Court hotel sites in Dublin.

The developer paid €400m (£334m) for the properties in Dublin's exclusive embassy belt in 2007, at the height of the boom.

Earlier the banks that backed the original deal finally took control of the hotels. Mr Dunne handed over control of the properties when the two sides settled a legal dispute ahead of a hearing in Dublin's Commercial Court.

The banks - Ulster, Rabobank and Iceland's Kaupthing - had already taken ownership of the sites in 2009 and rented them back to Dunne's D4 Hotels business.

The deal left Mr Dunne liable for €259m (£216m) under his personal guarantees of liabilities, the banks argued in court yesterday.

The banks said they had taken possession of the hotels following settlement of a legal dispute with Mr Dunne.

The case was initiated after Mr Dunne tried to block the banks from taking control of the hotels when his company's lease ended.

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