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LEISURE | Lodging
dalatahotelgroup.com

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Stage

PIPE | IPO

Market Cap

0.69B

About Dalata Hotel Group

Dalata Hotel Group owns and operates chain of hotels including support and development. It is based in Dublin 18, Ireland.

Dalata Hotel Group Headquarter Location

4th Floor, Burton Court Burton Hall

Dublin 18,

Ireland

Latest Dalata Hotel Group News

Fall of the Quinn empire has left a trail of loose ends

Nov 18, 2021

Eventually, the IBRC reached a settlement agreement with the family in April 2019. This saw the bank register judgments against the family totalling €440m while a further judgment was agreed totalling $133m (€117.5m) with the family’s consent. This related to the assets and rents that IBRC said it had not recovered from the group as a result of the scheme. A stay was placed on all of these judgments once the family members agreed to co-operate and not interfere in the bank’s attempts to gain full control of the assets. The agreement was reached in April 2019. According to company accounts for Quinn Group Hotels, which owns one of the properties, IBRC became 100pc owner of the company’s shares on November 12, 2019. Five months later, Covid hit. As things stand, IBRC liquidators have yet to sell the Kutuzoff Tower in Moscow, or property assets in India, or the Hilton Hotel in Prague or the Slieve Russell Hotel in Cavan. Take the Hilton Hotel in Prague. Former Dalata chief executive Pat McCann provides expertise on the board for IBRC liquidators. McCann is an ideal person to have on the board and ensure the value of the hotels in Prague or Cavan does not suffer. To put the length of delays in perspective, McCann floated Dalata Hotel Group in 2014, some six years after Quinn Group collapsed. He has grown Dalata exponentially and is now retired. Dalata has a market capitalisation of €872m today. But because of the delays, legal wranglings and now Covid, neither the Hilton in Prague nor the Slieve Russell Hotel has been sold. Company accounts show the Hilton was valued at €235m at the end of 2019, while the company behind the hotel owed IBRC €227m. The Slieve Russell Hotel, quite literally in Sean Quinn’s back yard, doubled its profits in 2019 to nearly €3m. It is now two years since IBRC got possession of all shares in Quinn Group Hotels Ltd and nearly three since the litigation with the family was settled. The Quinn losses and debts arising from its borrowings from the former Anglo Irish Bank are a little more straightforward. Quinn lost €3.2bn on contracts for difference, and losses to the taxpayer are in the region of €2.5bn. That money is gone. So is the €144m in legal costs and other fees accrued by IBRC in trying to secure ownership and control of the international property portfolio. This isn’t just a tale of past losses. There are still financial issues at play. Can the insurance administrator successfully pursue its auditors in court for €900m? PwC denies any wrongdoing or negligence. When will the international property portfolio be sold and how much will they fetch? Who will buy the Slieve Russell Hotel in Sean Quinn’s backyard when it is eventually sold? Would individuals loyal to Sean Quinn take it upon themselves to make life difficult for any new owners? Will members of the Quinn family buy it? At every step in this saga, there have been too many unanswered questions. Significant public interest issues are involved, not least several billion euro of losses plugged by the taxpayer. One wonders if it will ever end. IBRC liquidators are targeting a sale of the former Quinn assets by the end of next year, according to accounts. The rationale behind IBRC reaching a settlement with members of the Quinn family has not been outlined. The full details of the IBRC settlement with Quinn family members was not disclosed. The settlement agreement between the Central Bank and the former Quinn executives who were subject to a public inquiry process was also confidential. Thirteen years after the fall of the Quinn empire, there are still too many loose ends. Most Watched

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