McInerney sells timeshare business

Troubled house building group McInerney has agreed to sell its Spanish timeshare interests for over €5 million.

McInerney’s Irish business is awaiting the outcome of an appeal against a High Court decision earlier this year to approve a rescue plan drawn for the business by examiner Billy O’Riordan of PricewaterhouseCoopers.

The group has some assets in Spain, including a timeshare business, the Alanda Club, which it manages and from which it collects rents.

It is understood that it has agreed to sell this to Ona, a timeshare operator based in Barcelona, for €5.3 million, a price that sources yesterday described as “reasonable”.

There were three bids for the McInerney business, which has the right to rent unused timeshare weeks.

Dublin stockbroking firm Davy managed the sale.

• Email Us
• |