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Value of Aoife Quinn’s former Nottingham hotel jumps to £10.88m as IBRC prepares for sale

Aoife Quinn is the second-youngest daughter of former billionaire Seán Quinn


Aoife Quinn. Photo: Julien Behal/PA Wire

Aoife Quinn. Photo: Julien Behal/PA Wire

Aoife Quinn. Photo: Julien Behal/PA Wire

The value of a Nottingham hotel controlled by the State-controlled Irish Bank Resolution Corporation (IBRC) has jumped by 28pc to £10.88m (€12.41m) ahead of a potential sale.

The Holiday Inn in Nottingham was previously owned by Aoife Quinn, the second-youngest daughter of former billionaire Seán Quinn, before it was taken over by the former Anglo Irish Bank in 2011.

The bank was later merged with Irish Nationwide to create IBRC and that bank was in turn placed into a special liquidation.

The hotel was last valued at £8.5m in 2017 but a filing made this week with UK Companies House indicates its worth has shot up following a post-Covid recovery in hospitality. The valuation by brokerage Christie & Co was completed at the end of last year.

The filing said the hotel had been boosted by the UK government’s decision in January this year to commence the easing of Covid-19 restrictions.

“From the end of January, hotel management began to see trading resume in line with expectation as restrictions were eased,” it said.

However, the directors also warn that the pandemic is continuing to spread, and they are carefully monitoring the situation for “any further potential impact on the company”.

The latest accounts show that the hotel’s loss for 2021 narrowed to £289,000 from £927,000 for the prior year.

The 128-bedroom hotel was first put up for sale in 2014 by Christie & Co on behalf of Cavan-based Avid Asset Management.

At the time, Christie’s director Jeremy Jones said offers in excess of £7.5m would be entertained based on either an asset or share sale.

The property is currently listed for sale in the UK by broker Jones Lang LaSalle.

The current listing says that 91 of the rooms were fully refurbished in 2018-2019 and that the hotel has been “maintained to an excellent condition having benefitted from significant capital expenditure over the last five years”.

The hotel, which is situated about 1.5 kilometres from Nottingham’s city centre, also benefits from “major corporate demand drivers” from several of the nearby business parks.

The Slieve Russell Hotel Property Limited in Cavan provided consultancy services related to human resources and IT at the Holiday Inn in Nottingham worth £32,000 during the year.

Mr Quinn, previously Ireland’s richest man, and his family once owned a foreign property empire stretching across Russia, Ukraine, Turkey and India worth an estimated €500m.

The filing said the timeline for the liquidation of the IBRC has been extended, primarily due to the impact of Covid-19, which has resulted in delays in court proceedings and “asset realisation strategies”.

The IBRC has confirmed they will continue to support the hotel, which has 28 employees “as a going concern for a period of at least 12 months from the date of approval of these financial statements”.

The latest progress report from the IBRC, which was published last month, said the winding-down of the remaining €3.5bn loan book is on course for the end of 2024. Sixty percent of the remaining loan and asset portfolio are located in Russia and the Czech Republic, with a further 4pc in Ukraine. 

The liquidators – Kieran Wallace and Eamonn Richardson of accountants KPMG – “do not believe it would be possible to launch a sales process in these countries for some time”.

The Irish Independent reported in April that the Kremlin may nationalise the IBRC’s Kutuzoff tower block in the Russian capital and a logistics park in Kazan in retaliation for EU sanctions imposed after Vladimir Putin’s invasion of Ukraine.

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