Category: Archive
February 16, 2011
By Staff Reporter
Allied Irish bank chairman Lochlann Quinn cut a deal to build the exclusive hotel, the Merrion, with an option to buy back the exclusive Merrion Hotel from his bank’s own combined leasing arm (AIBCL) in two year’s time “at a specified price,” according to Irish newspapers.
Company documents showed that the deal cost E24 million.
Hotel Merrion Ltd, which operates the establishment for Landmark, showed a pre-tax profit of over E1.13 million in the year to October 2000, although the company had accumulated losses of E3.34 million.
By 2001, seven AIB directors had outstanding loans totaling E42.8 million from the bank.