U2's Bono & The Edge buy out Clarence Hotel debts

Clarence Hotel

In Dublin, the finances behind the Clarence Hotel have changed hands. U2's Bono and The Edge and Irish property investor Paddy McKillen have bought out the loans from NAMA in an off-market deal. The trio previously owned the hotel along with financier Derek Quinlan, who is no longer involved, the Irish Times notes.

According to the Sunday Business Post, Bono supported the hotel financially during the downturn before the purchase. NAMA did not invite any other investors to bid on the property, and the purchase price was less than its total debts. 

The Clarence dates back to 1852 and was purchased by Bono and The Edge in 1992. After a renovation that turned the property into "the kind of place that they would choose to stay themselves," the musicians reopened the property in June 1996.

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Sources: Irish Times, Sunday Business Post

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