Irish investors’ US hotel repossessed by bank

A WASHINGTON hotel backed by Irish investors, one of whom is Senator Feargal Quinn, has been repossessed by Barclays Capital which is trying to recover loans.

Barclays is set to auction the magnificent five-star St Regis hotel which was bought by Irish private equity firm Claret Capital in conjunction with Friends First in 2007 for $170m, two years after it was sold for $45m.

Mr Quinn and his family hold a 25% stake in Claret Capital. It is believed Irish investors will lose out when it is auctioned by Barclays Capital.