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.

The key responsibility of the receiver is to ensure the security of the asset in question and to maximise the return to NAMA from that asset in order to reduce relevant loans held by the Agency.

Mr Wallace said that his appointment as the NAMA statutory receiver would have no direct impact on the day-to-day operation of the hotels.

He said: “As the NAMA statutory receiver I have taken control of the various properties and I look forward to working alongside the various operators over the coming months to assess the options for each of the properties going forward.

“In the meantime it’s business as usual. Customers who have any queries in respect of this announcement should contact the relevant hotel where their specific query can be dealt with.”

KPMG said the properties involved are: operated by Marriot at Ashbourne, Co Meath; operated by Days Inn, Talbot Street Dublin; property and suites operated by Clarion at IFSC Dublin Airport, Liffey Valley Dublin and Limerick; property and suites operated by Maldron at Citywest Dublin, Cardiff Lane Dublin and Limerick City.

KPMG said that in the case of the Clarion Hotel at Liffey Valley, Kieran Wallace has been appointed to the property operating as a hotel and to the operating company which operates the hotel.