Bad debts in The Belfry?

It has been reported that Fermanagh businessman Sean Quinn’s hotel and meetings resort complex, The Belfry, is back on the market, six years after he bought it for £186m.

Bank lender the Bank of Ireland, Barclays and Certus are said to have forced the move to market the 550-acre Warwickshire venue famed for playing host to the prestigious Ryder Cup four times.

There were plans for a £150m development that would have involved building a new five-star property, but debts estimated at £105m now make that unlikely.

A report in the Financial Times said an unnamed Malaysian investor had made an offer of £90m to purchase the complex.

After Quinn’s group was plunged into turmoil earlier this year, The Belfry was left in the hands of Anglo-Irish Bank and US insurance firm Liberty Mutual.

The FT reported the lenders brought in business advisers Ernst and Young to examine potential options for the site, including a debt restructuring and sale.

Commercial property specialists Jones Lang LaSalle have now been appointed to administer the sale.

Although The Belfry has yet to comment officially, a source told reporters: “The Belfry is up for sale. It has been a cash generator for years although it does need a major refurbishment.”

The Belfry Hotel has 324 bedrooms, 22 function rooms, squash and tennis courts,a club and a heated pool.

Do you have news for CN? Email: pcolston@mashmedia.net

Paul Colston

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Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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