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Ronan backer mulls sale of billions worth of hotel assets

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Burlington Plaza

Burlington Plaza

Burlington Plaza

Colony Capital, a financial backer of some of Ireland's biggest commercial property developments has effectively put billions of dollars of US hotel assets up for sale after reporting this month that some of its portfolio companies had defaulted on $3.2bn of debt.

In Ireland, billionaire Tom Barrick's Colony Capital is the backer of high-profile office projects including major schemes for Facebook and Salesforce being undertaken by Johnny Ronan's development company.

Colony Capital said earlier this month that a number of its portfolio companies have defaulted on $3.2bn (€2.9bn) of debt that's secured by hotels and healthcare properties.