US investor Kennedy Wilson has completed the acquisition of notes secured by the Shelbourne hotel in Dublin at a 50% discount to face value.
US investor Kennedy Wilson has completed the acquisition of notes secured by the Shelbourne hotel in Dublin at a 50% discount to face value.
Beverly Hills, California-based Kennedy Wilson is paying $152 mln (€112 mln) for the notes, which have an unpaid principal balance of $310 mln.
The purchase price consists of $70 mln of equity and $82 mln in bank financing.
'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,' said Mary Ricks, president and CEO of Kennedy Wilson Europe. '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 located in Dublin’s prime Central Business District on St Stephen’s Green, Dublin 2 and comprises 265 rooms, including 19 suites. Additionally, there are 12 meeting rooms, two bars, a restaurant, and a health club which includes a newly renovated spa and swimming pool.
Kennedy Wilson, together with its institutional partners, has acquired over $11 bn of real estate and real estate related debt globally since the beginning of 2010, including $1.5 bn in Ireland.
