Clarence Hotel Sold to Bono and The Edge
The Clarence Hotel in Dublin's Temple Bar has been sold to U2 stars Bono and The Edge by Nama in an off-market deal.
According to The Sunday Business Post, the hotel is believed to have been sold for less than its total debts of the company that previously owned it, of €40 million.
Bono and The Edge now own the hotel with developer Paddy McKillen. No other bidders were invited to bid on the four-star hotel in the centre of Dublin's busiest tourist district.
Nama declined to comment on whether the sale value was more than the debts of the previous owner. "Nama is subject to similar legal obligations as other lenders that do not allow them to discuss the financial affairs of individual debtors."
The State agency went on to say it was "fully satisfied that all transactions meet Nama's Section 10 obligation to maximise the financial return for the taxpayer."
Bono, The Edge and McKillen have made several previous attempts to purchase the hotel back over the last few years. The pair originally bought the hotel in 1992 as part of a consortium.