The value of Aoife Quinn’s former Nottingham hotel rises to £10.88million as IBRC prepares to sell

The value of a Nottingham hotel controlled by state-controlled Irish Bank Resolution Corporation (IBRC) has risen 28 per cent to £10.88m (€12.41m) ahead of a possible sale.

he Holiday Inn in Nottingham was previously owned by Aoife Quinn, the second youngest daughter of former billionaire Seán Quinn, before being acquired by the former Anglo Irish Bank in 2011.

The bank was later merged with Irish Nationwide to form IBRC and that bank itself went into special liquidation.

The hotel was last valued at £8.5million in 2017, but a filing made to UK Companies House this week shows its value has skyrocketed following a post-Covid hospitality recovery. The valuation by broker Christie & Co was completed late last year.

The filing says the hotel has been boosted by the UK Government’s decision in January this year to start easing Covid-19 restrictions.

“From late January, hotel management saw a resumption of trading in line with expectations as restrictions were eased,” it said.

However, directors also warn that the pandemic is spreading further and they are carefully monitoring the situation for “further potential impact on the company”.

The latest accounts show the hotel’s 2021 loss narrowed to £289,000 from £927,000 last year.

The 128-room hotel was first put up for sale in 2014 by Christie & Co on behalf of Cavan-based Avid Asset Management.

At the time, Jeremy Jones, a director at Christie’s, said offers of more than $7.5 million

The property is currently for sale in the UK through agent Jones Lang LaSalle.

The current listing states that 91 of the rooms were fully renovated in 2018-2019 and that the hotel “has been kept in exceptional condition, having benefited from significant investment over the past five years”.

The hotel, which is about a mile from Nottingham city center, also benefits from “key business demand drivers” from several of the nearby business parks.

Slieve Russell Hotel Property Limited of Cavan provided HR and IT consultancy services to the Holiday Inn in Nottingham for £32,000 during the year.

Formerly Ireland’s richest man, Mr Quinn and his family once owned an estimated €500 million foreign property empire spanning Russia, Ukraine, Turkey and India.

The filing states that the IBRC’s liquidation timeline has been extended, primarily due to the impact of Covid-19, which has resulted in delays in court proceedings and “asset realization strategies”.

The IBRC has confirmed that they will continue to support the 28-person hotel “for a minimum period of 12 months from the date of approval of these financial statements”.

The latest progress report from the IBRC, released last month, says that the reduction of the remaining loan book of 3.5 billion euros by the end of 2024 is on track in the Czech Republic, with another 4 pieces in Ukraine.

The liquidators – Kieran Wallace and Eamonn Richardson of auditors KPMG – “do not believe it would be possible to initiate a sale process in these countries for any time”.

That Irish Independent reported in April that the Kremlin could nationalize the IBRC’s Kutuzoff skyscraper in the Russian capital and a logistics park in Kazan in retaliation for EU sanctions imposed in the wake of Vladimir Putin’s invasion of Ukraine.

https://www.independent.ie/business/value-of-aoife-quinns-former-nottingham-hotel-jumps-to-1088m-as-ibrc-prepares-for-sale-42046802.html The value of Aoife Quinn’s former Nottingham hotel rises to £10.88million as IBRC prepares to sell

Fry Electronics Team

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