Citywest : Mansfield's giant heap of crap

Re: Citywest : Mansfield's giant heap of crap

Postby Paul Clerkin » Tue Jul 06, 2010 6:28 pm

Receiver appointed to Citywest Hotel
Tuesday, 6 July 2010 17:55

A receiver has been appointed to Citywest Hotel and Golf Club today on foot of a request from Bank of Scotland Ireland.

The hotel, in Saggart, Co Dublin, has been open for 18 years and is owned by well-known businessman Jim Mansfield.

Mr Mansfield has not commented but the hotel's chief executive Sean Whelan has described the decision to appoint a receiver as premature. He said they are considering their legal options.

Mr Whelan said the hotel has been and still is in negotiations with what he called a substantial investor to buy the entire property.

It is believed that HSS, the company which owns Citywest, owes Bank of Scotland Ireland €180m.

The receiver, Martin Ferris of Ferris & Associates, intends appointing an operator to continue trading the business as a going concern. Around 400 people work there.

HSS consists of Citywest Hotel, Conference Centre, Leisure and Golf Resort. The appointment also includes the assets of Jeffel, a land holding company.

Other properties owned by Jim Mansfield also at Saggart, are not affected by the receivership.

These include Palmerstown Golf Club, Finnstown Hotel and Weston Airport.


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Re: Citywest : Mansfield's giant heap of crap

Postby PVC King » Tue Jul 06, 2010 9:49 pm

Paul Clerkin wrote:Receiver appointed to Citywest Hotel
Tuesday, 6 July 2010 17:55

A receiver has been appointed to Citywest Hotel and Golf Club today on foot of a request from Bank of Scotland Ireland.

The hotel, in Saggart, Co Dublin, has been open for 18 years and is owned by well-known businessman Jim Mansfield.

Mr Mansfield has not commented but the hotel's chief executive Sean Whelan has described the decision to appoint a receiver as premature. He said they are considering their legal options.

Mr Whelan said the hotel has been and still is in negotiations with what he called a substantial investor to buy the entire property.

It is believed that HSS, the company which owns Citywest, owes Bank of Scotland Ireland €180m.

The receiver, Martin Ferris of Ferris & Associates, intends appointing an operator to continue trading the business as a going concern. Around 400 people work there.

HSS consists of Citywest Hotel, Conference Centre, Leisure and Golf Resort. The appointment also includes the assets of Jeffel, a land holding company.

Other properties owned by Jim Mansfield also at Saggart, are not affected by the receivership.

These include Palmerstown Golf Club, Finnstown Hotel and Weston Airport.


http://www.rte.ie/news/2010/0706/citywest.html?utm_source=twitterfeed&utm_medium=twitter


I'm glad I sold my Lloyds shares; how in gods name could anyone lend €180m on a complex centred on a distribution shed spec building without Tesco as tenant on a 15 year plus term
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