Receivers to Kilternan sports hotel put value of €55m on the property
The receivers to the Kilternan sports hotel in south Dublin, once owned by Hugh O'Regan, are putting a value of €55.1m on the property, according to their latest report to creditors.
Mr O'Regan is believed to have spent €170m on the property, which is described as 85pc finished.
Most of the loans behind the property were supplied by Irish Nationwide and NAMA has now stepped in in relation to upkeep of the property, even though Irish Nationwide is officially listed as the man secured creditor.
The receiver, David Hughes of Ernst & Young, was unavailable to comment on the future plans for the site yesterday, but it is understood that NAMA is seeking to have some income generated from the site as soon as possible. There is a small amount of rental income coming in from the site at present.
However, the costs of upkeep are starting to grow rapidly. Payments made by the receivers in the latest period include to ESB, Bord Gais, security, consultants, legal fees and bank charges.
Property industry figures said the costs of upkeep of major sites like Kilternan was starting to become a major headache for NAMA. Consultants also have to be hired to advise on the best uses of the site.
Kilternan Golf & Country Club Hotel, its official name, in Co Dublin was acquired by leading publican and restaurant owner Mr O'Regan for "substantially higher" than the £8m asking price in 2001.
A major revamp of the hotel complex set on around 152 acres at the foothills of the Dublin Mountains on the outskirts of Kilternan Village was ordered following the change of ownership.
The property was sold by Kilternan Hotels, controlled by US-based businessman Chuck Feeney. The selling agents at the time were DTZ Sherry FitzGerald.
At that time Kilternan Golf & Country Club Hotel was a 48-bedroom, fully-licensed hotel and sports leisure facility.