Ireland's Kilternan Hotel sold at 96-percent discount

Quite a good deal for UK's Comer Group, which reportedly acquired the partially built Kilternan Hotel & Country Club in south Dublin for a staggering 96 percent less than its orgiginal value.

The new owners are believed to have paid about €7 million for the complex, which Irish Nationwide spent €171.5 million on before the collapse of the property market, reports The Irish Times

The Tmes goes on to write that the 96-percent writedown in value is "easily the largest recorded for a substantial investment since the property and banking crisis began."

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Marcus Magnier of agents Colliers International, who handled the sale, said yesterday the general consensus among investors who viewed the unfinished buildings was that it would take an additional €20 million to complete the project.

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The combined company now will own and operate a portfolio of 40 hotels totaling more than 5,000 guestrooms.

The global crisis will provide significant merger and acquisition opportunities for hospitality companies willing to take the risk.