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.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

Sources: Irish Times, Sunday Business Post


Suggested Articles

SVC plans to transfer the branding and management of 98 Marriott hotels to Sonesta.

Shortly after acquiring six hotel portfolios from Colony Capital, Highgate has assumed management of Trust Hospitality’s portfolio of 22 properties.

The Kelley House is one of the five oldest hotels in the U.S., taking up six buildings in Edgartown, Mass.