Troubled Le Meridien may sell hotel

ONE of Dublin’s landmark hotels, the Shelbourne on St Stephen’s Green, could be under new ownership after the venture capital group that runs its parent company handed control of the group to its creditors.

Le Meridien, which acquired the Shelbourne around two years ago, is being controlled by its banks after its shareholders wrote off their investments in the British-based firm.

The financial problems at Le Meridien had spawned big losses for its backers, including Royal Bank of Scotland and Japan’s Nomura, which backed the acquisition of Le Meridien for £1.9 billion