Landmark G Hotel In Galway City Enters Examinership
An interim examiner has been appointed to the five-star g Hotel in Galway city, following a bid by Deutsche Bank last week to appoint a receiver to the business.
The Irish Independent reports today that representatives from KPMG arrived at the hotel last Friday, at a time when staff were preparing for a 163-guest wedding, adding that the development came as a surprise to the hotel owner, Gerry Barrett, given that his business has worked closely with Deutsche Bank in relation to the property over the past two years.
The report adds that Deutsche Bank has been Barrett's main lender since 2015, 'having acquired his companies' €778m par value loan book from Nama for a sum in the region of €97m'.
Following the move by Deutsche Bank, Barrett immediately sought protection of the High Court with an ex parte (one-side only) application for the appointment of an interim examiner to seven of Barrett's companies.
Justice Charles Meenan granted the application, giving Barrett's companies 100 days protection from creditors.
Last November, a source close to Gerry Barrett's Edward Holdings group, reported that The g Hotel was "making substantial profits" and that "business is good, occupancy is good and rates are good".