Ulster Bank considers sale of over $550M in Irish hotels

Ulster Bank is considering the sale of more than $550 million in Irish hotel assets in Dublin 4, which once belonged to developer Sean Dunne.

Sean Dunne bought the former Berkeley Court, the Towers Hotel and Jurys Hotel for approximately $523 million. Ulster Bank, Rabobank Groep and Kaup- thing Bank took control of the hotels in 2009, while Dunne was granted bankruptcy protection by the High Court last year.

Ulster Bank chief executive Jim Brown said in January his bank had to wind down $14.8 billion in assets being put into a bad bank by the end of 2016. The bank hired investment bank Eastdil Secured last month to advise on a separate potential sale of $1.3 billion of commercial property assets..