Three foreign banks take substantial stake in Sean Dunne’s D4 Hotels

THREE banks have taken a substantial stake in the Ballsbridge hotels, which were bought by property developer Sean Dunne for a record €375 million in 2005. The three hotels are in Dublin 4.

The banks who have moved in on one of the country’s best known property developers are Ulster Bank, Rabobank and the Icelandic bank Kaupthing.

Mr Dunne bought the Berkeley Court, Jurys Ballsbridge and Towers Hotel for a record price of €375m, but he has been unable to get planning permission for a 37-storey tower and nine other blocks on the site.