Two central European hotels which were once the property of the insolvent insurer Quinn, have been sold for €62 million by administrators.
The Sunday Times reported that The Sheraton hotel in Krakow, has been sold for €38 million. Quinn bought the Krakow property for €45 million in 2006. The new owner of the 232-bedroom five-star hotel is French hotel operator Algoquin.
Another former Quinn property, a Hilton hotel in Sofia, has been bought by Global Properties Bulgaria for €24 million, according to the Sunday Times.
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Quinn reportedly paid €40 million for the 245 bedroom hotel in 2005. Brendan Foster, a partner at administrator Grant Thornton, said it was "delighted" with the sales.
Foster said that the proceeds of the sales will be used to reduce debts of the former Quinn companies.