The fallout from the demise of Seán Quinn’s business empire continues with five-star hotels in Sofia and Kraków being put up for sale by the administrator of Quinn Insurance Ltd.
Estate agents Jones Lang LaSalle have been chosen as sole agent to sell the freehold interests in the 232-room Sheraton in Kraków in Poland and the 245-room Hilton in the Bulgarian capital.
It is understood that the administrator is hoping to get about €70 million from the sale, with the proceeds to be paid to the banks and bondholders of Quinn Group as part of a restructuring agreement from a couple of years back.
Quinn bought the hotels in 2006. It is not clear how much he paid, although reports have suggested the Kraków property cost €45 million.
Angus Wade, an executive vice president with Jones Lang LaSalle, described them as two of the “finest hotel investment” opportunities in the region. They also represent “rare opportunities” to acquire market leading hotels, according to Wade.
And so another trace of Quinn’s long business career will shortly be removed from the records.
Source: Ciaran Hancock/The Irish Times