Kennedy Wilson Acquires Debt on Landmark Shelbourne Hotel in Dublin, Ireland
for $152 Million
Company’s acquisitions in Ireland now exceed $1.5 billion
BEVERLY HILLS, Calif. -- January 21, 2014
International real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that the company completed the purchase of notes with an
unpaid principal balance of approximately $310 million secured by the
Shelbourne Hotel in Dublin, Ireland. The company acquired the notes for $152
million. The purchase price consisted of $70 million of equity from the
company and $82 million in bank financing.
“We were able to buy the debt on the Shelbourne at a significant discount to
the unpaid principal balance in a complex transaction involving multiple
sellers,” said Mary Ricks, president and CEO of Kennedy Wilson Europe. “The
notes are secured by an iconic asset located in the heart of Dublin with
significant value enhancement potential.”
Originally founded in 1824, the Five Star landmark Shelbourne Hotel is located
in Dublin’s prime Central Business District on St. Stephen’s Green, Dublin 2
and is comprised of 265 rooms, including 19 suites. Additionally, there are 12
meeting rooms, two bars, a restaurant, and a health club which includes a
newly renovated spa and swimming pool.
Kennedy Wilson, together with its institutional partners, has acquired
approximately $11.2 billion of real estate and real estate related debt
globally since the beginning of 2010, including $1.5 billion in Ireland.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and
services company headquartered in Beverly Hills, CA with 24 offices in the
U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array
of real estate services including auction, conventional sales, property
services, research and investment management. Through its fund management and
separate account businesses, Kennedy Wilson is a strategic investor of real
estate investments in the U.S., U.K., Ireland and Japan. For further
information on Kennedy Wilson, please visit www.kennedywilson.com.
VP of Corporate Communication
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