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US private equity investor Kennedy Wilson has...

January 25, 2014

Jack Sidders

US private equity investor Kennedy Wilson has confirmed its purchase of the Shelbourne Hotel in Dublin . The Beverley Hills -based company has bought out the notes securing the hotel, which have an unpaid balance of $310m (£188m) for $152m (£92.6m). It funded the deal with $70m of equity and $82m of bank debt. Mary Ricks , president and chief executive of Kennedy Wilson Europe , said: “We were able to buy the debt on the Shelbourne at a significant discount to the unpaid principal balance in a complex transaction involving multiple sellers. “The notes are secured by an iconic asset located in the heart of Dublin with significant value enhancement potential.” Originally founded in 1824, the five-star Shelbourne Hotel is in Dublin’s prime central business district on St Stephen’s Green, Dublin 2 and contains 265 rooms, including 19 suites. Additionally, it offers 12 meeting rooms, two bars, a restaurant, and a health club that includes a newly renovated spa and swimming pool.

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Source: Estates Gazette (UK)

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