The Citywest hotel was sold yesterday to Swiss-based fund BSQ Investments for €30 million. The 789-bedroomed hotel along with adjoining convention centre and one of its two golf courses to the new, unidentified owner. The man is question is being advised by London asset manager agents Micheles & Taylor.
Yesterday’s sale did not apparently include the standalone 300-bedroom Citywest Golf Hotel which has been closed for some time. Most of the hotel rooms were sold as suites to investors. There were unconfirmed reports last night that the ground floor of the golf hotel may have been included in the sale.Investors bought most of the rooms as suites. Allegedly the ground floor of the golf hotel may not have been included in the sale.
Citywest was built by buinessman Jim Mansfield in 1990 and its peak value was originally €100million.In 2011, Ulster Bank seized many of Mansfield's assets, including Citywest and the Weston Aerodrome. €300m worth of debt was owed to Nama and Bank of Scotland.
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BSQ told the Irish Independent that it is a privately-owned boutique investment house.