Kennedy Wilson, Beverly Hills, California, is paying €111 million (US$151 million) for debt secured on the 265-room The Shelbourne Dublin, A Renaissance Hotel, from the Bank of Ireland and the Irish Bank Resolution Corp.
The deal is expected to close on January 17 and the price is a testament to how distressed Ireland’s hotel assets remain despite improving performances in Dublin. The hotel was bought by Irish investors in 2004 for €140 million (US$190 million), who then spent €125 million (US$169 million) refurbishing the property.
