Ulster Bank has agreed the sale of its Project Coney portfolio to Sankaty Advisers, a US-based affiliate of investment group Bain Capital.
The portfolio comprises 36 hotels, 66 pubs, 23 commercial units, 49 residential units, 56 development and agricultural sites, and a nursing home.
It is not clear how much Sankaty has paid to acquire Coney, but it would have been at a substantial discount to the outstanding balance of €465 million on the loans. The market value of the properties is estimated at €187 million and an overdraft of €14 million is also included.
Some 89 per cent of the remaining loan balance is in default and involves more than 200 borrowers. Dublin accounts for about 40 per cent of the market value of the loans.
The portfolio includes some high-profile assets, including the five-star Monart hotel and spa, Hotel Kilkenny, and the 102-bedroom Ferrycarrig property. These form part of Griffin Hotels, a chain controlled by the former Wexford hurler Liam Griffin, and more than €20 million is owed on the properties.
Other high-profile hotels in the sale include the Radisson in Athlone, the Camden Deluxe in Dublin, Trim Castle and the Tullamore Court in Offaly.
A number of well-known pubs in Dublin are also part of Coney, including Vaughan’s and Bradys pubs in Terenure, House nightclub on LeesonStreet, Toners on Baggot Street, The 51 on Haddington Road, and the Waterloo in Ballsbridge.
