BoSI Appoints Receiver To Dundrum House Hotel
Published on Apr 14 2014 1:25 PM in Hotel
According to the Sunday Business Post, Bank of Scotland (Ireland) has moved to seize the family-owned Dundrum House Hotel in County Tipperary.
The paper reports that BoSI has appointed Kieran Wallace of KPMG as the receiver to Hasado, the holding company behind the 68-room hotel.
Dundrum House Hotel is a converted Georgian mansion which is extremely popular for weddings. Located on more than 200 acres of parkland, Dundrum House dates back to 1730 and includes an 18-hole golf course designed by Phillip Walton.
The hotel's financial results for 2011 show net debt of more than €16 million, and an operating loss of €477,022.
BoSI, which has exited the Irish market, currently has £9.22 billion worth of impaired Irish loans on its books and was one of the biggest lenders to the country's hospitality industry.