Nama has five-star silver lining
Published 28/02/2010 | 05:00
WE could look on Nama as losing hundreds of millions of our money, or we could try and be positive and look on it as gaining all sorts of goodies.
Now that the Europeans have given Nama the go-ahead, we will shortly be in possession of ghost estates all over the country, lots of empty, some half-built, office and apartment blocks, a few developments in rural Bulgaria, and soon, as Nama begins to exercise the personal guarantees offered to the banks by developers, we will potentially own some extremely des reses around Dublin.
But it's not all bad news. Ever fancied the hotel business? Well baby you're in it. We all are. Within a month or two, you, me and everyone we know will be up to our necks in the 5-star hotel game. In fact, it looks like we will hold mortgages on not only the Shelbourne, but the K Club, the Ritz-Carlton in Wicklow and the Radisson and the G in Galway. In London, we will have a lien on swanky addresses like the Berkeley and the Connaught hotels.