International property Investors, Kennedy Wilson, have bought the outstanding €206 million senior loan held by Bank of Ireland on the Shelbourne Hotel, Dublin.
Bank of Ireland and Ango Irish Bank subsidised the acquisition and refurbishment of the hotel which was bought by investors Bernard McNamara, John Sweeney, Bernard Doyle, Jerry O'Reilly and David Courtney in 2004.
Both banks held equal €103 million stakes of the outstanding senior loan. The decision to sell comes just weeks after Kennedy Wilson sold its stake in the bank for a substantial profit.
CoStar News reported that the Shelbourne was valued at €80 million in 2008, fraction of the initial investment.
According to Shelbourne Hotel Holding Ltd, the senior loan expired in December 2009.
