Ex-Mansfield hotel to be sold after receiver revamp
Published 10/08/2011 | 05:00
Finnstown Country House Hotel, formerly owned by Jim Mansfield, is expected to be put on the market once planning changes and modernisation of the property are completed, the Irish Independent understands.
Bank of Scotland (Ireland) appointed receivers Martin Ferris & Associates earlier this year and sent a planning document to South-Dublin Council. The receivers committed to operating the hotel "in these difficult trading times''.
Acting on behalf of Bank of Scotland, the receivers applied for alterations and extensions.
"They help to ensure the hotel remains a commercially viable business going forward,'' their agents stated in the application. The hotel is in Lucan and is set on 45 acres.
It is understood there is significant interest in purchasing the country house hotel and it could be put up for sale soon. Weddings are the hotel's main line of business.
The last set of accounts for the business showed it had lost a small amount of money, but had €6.4m of shareholders' funds.
The directors of the hotel property were Jim Mansfield and members of his family.
Mr Mansfield has lost control of his property empire over recent months following enforcement action by Bank of Scotland and NAMA.
Another hotel, Palmerstown House, was seized by Nama in April after Mr Mansfield failed to get the agency's approval for a business plan to deal with his debts. The agency also seized Mr Mansfield's Weston Aerodrome and some apartments at his Citywest complex.
Citywest hotel and conference facilities were already under the control of a receiver appointed by Bank of Scotland (Ireland) a year earlier.
A Sunday newspaper recently reported that horse breeder John Magnier was interested in purchasing Palmerstown House.
In April, NAMA appointed a receiver to Mansfield's Weston Airport, six of his apartment blocks at Citywest and his Palmerstown House, which includes a championship golf course.
The receiver, Kieran Wallace of KPMG, is now in charge of managing these assets.
The loss of Weston airport dealt a particular blow to Mr Mansfield, who has battled local objections to turn the airport into a location for executive jets and flight training.
Bank of Scotland (Ireland) took the steps against Citywest in order to recover €170m loaned to two companies.