Thursday 25 May 2017

McNamara's wife to give up Mercer hotel lease

property

Emmet Oliver

The Mercer hotel, backed by the wife of developer Bernard McNamara, has closed for business with the company behind the property considering options for the lease on the site.

Moira McNamara is behind Subamat Ltd, which has reported a loss of almost €1m.

Anyone trying to book the Mercer, behind Dublin's St Stephen's Green Centre, is now being referred to another hotel at the Tara Towers, also linked with the McNamaras.

The owner of the property is the Royal College of Surgeons and talks are ongoing with that college, state Subamat accounts.

"The directors are currently in negotiations with the landlord, the Royal College of Surgeons Ireland, to surrender the lease of the Mercer hotel property without termination penalty and considering options for the future,'' state the accounts.

The company owed Mr McNamara €402,390 during the year 2009, but much of this was paid off leaving just €74,866 outstanding.

Mr McNamara has been through a torrid time during the last two years, admitting during an interview last year that he was "broke'' and had debts of €1.5bn. He has also been pursued by a group of private investors in relation to the Irish Glass bottle site in Dublin's Docklands.

Mr McNamara and wife Moira have also been forced to put their family home in Ailesbury Road up for sale at €12.5m. At the height of the boom Mr McNamara was one of Ireland's wealthiest businessmen, but the collapse of the property market took a toll across most of his assets.

Mr McNamara has also been involved in intensive talks with NAMA, which is now managing most of his loans, although a number of them are with foreign lenders.

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