Receiver placed over 7 hotels

THE National Asset Management Agency (NAMA) has appointed Kieran Wallace of KPMG as statutory receiver over seven properties which operate as hotels and will continue to trade as normal, KPMG disclosed yesterday.

KPMG said Mr Wallace has been appointed as statutory receiver to suites held in two further hotel properties which are also held as security. The appointments are effective immediately. The loans are held in the names of over 100 borrowers, with different syndicates of borrowers linked to different loans and properties.

Collectively these borrowers are connected with debt obligations to NAMA through the involvement of Paddy Kelly or related parties, KPMG said.