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An interim examiner has been appointed to help restructure the debt of the 200-room Ritz-Carlton Powerscourt, County Wicklow, Ireland, and Marriott could end up as its new owner. An interim examiner has been appointed to help restructure the debt of the 200-room Ritz-Carlton Powerscourt, County Wicklow, Ireland, and Marriott could end up as its new owner. Carrylane Ltd owes Ireland’s National Asset Management Agency (NAMA) €47 million (US$60 million). The company has five different types of owners under a complex ownership structure, a Carrylane representative told the High Court, and all interested parties support the appointment of an examiner. Carryland told the court that The Ritz-Carlton Hotel Co., a subsidiary of Marriott International, has entered into an agreement with Carrylane to buy out the debt, making it the effective owner of the property, if the court sanctions it. Marriott would then fund the property at a loss until 2015, when it is forecast to begin breaking even. The hotel opened in 2007 and has consistently performed at a loss as Ireland"s economy hit the skids.
NAMA is Ireland’s “bad bank” created by the national government in 2009 to acquire non-performing property loans. |
