Irish government agency National Asset Management Agency (Nama) is planning to take over three luxury hotels from the London-based Maybourne Hotel Group as part of a campaign to recover and manage assets with bad debts.
The three properties are The Berkeley, Claridges and the The Connaught hotels, which are owned by financier Derek Quinlan.
Maybourne Hotel Group has received huge loans from the Anglo Irish Bank and Bank of Ireland, and is seen as an ideal candidate for takeover, according to bbc.co.uk.
Five other Irish hotels comprising The Shelbourne, The K-Club, The Ritz-Carlton in County Wicklow and the Radisson and G hotels in Galway are reportedly the first properties lined up by the agency.
A few of the acquired properties will be managed by property developers for the agency, while in other cases Nama will install a new management team.
Nama intends to remove bad and impaired assets and expects its €54bn ($73.8bn) debt will come down to €6.5bn ($8.8bn) per year from 2013 onwards until Nama’s closure in 2020.
About €22bn ($30bn) of assets are located in London and Northern Ireland.