Mon, 02 Dec 2013 | BUSINESS SALE
Administrators have agreed a sale for the Four Corners Hotel, a hotel located in Belfast's Cathedral Quarter.
A report from the administrators explained that a sale has been organised, although no details have been released about how much the sale will go through for or who is set to purchase the hotel. The report, seen by the BBC, did confirm that the sale was agreed, however, and noted: “Due to the sensitive nature of the matter we are unable to provide any further details at this time.”
The Four Corners was placed into administration in 2011 and was owned by Corner Blok Ltd. The hotel was effectively repossessed by the former Bank of Scotland Ireland (BoSI) but was leased to Premier Inns and continued to trade normally.
BoSI leaned heavily to the hospitality sector in Ireland but was shut down by its parent company Lloyds after struggling with massive losses on its property loans. Certus was appointed to wind down its loan book.
To develop the Four Corners project, Corner Blok borrowed £13 million from BoSI. Administrators were brought in when there was a delay in the repayment of interest on the loan.
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