High Profile Hotels for Sale from Bank Portfolio
A number of high-profile hotel and leisure assets will be up for sale as Lloyds Banking Group are set to sell €4.2 billion worth of loans.
The bank is planning to sell the legacy loans connected with Ireland in what will be one of the largest sales of a real estate portfolio since the finical crash of 2008.
According to the Irish Times, out of the 3,500 customers and 5,000 loans connected with the portfolio, a number of hotels are included, including the Regency Hotel (pictured) in Dublin 9 and the Lyrath Estate Hotel in Kilkenny.
The sale, called Project Poseidon, will dispose of the vast bulk of what remains of Bank of Scotland's former operations in Ireland. The loans are expected to sell at a large discount and receive considerable international interest, including from consortium buyers.
The portfolio comprises performing and non-performing loans connected with residential property, offices, retail, industrial and tourism and leisure sites.
It has been placed the market by Deloitte and the first bids are expected in early June.