Sixteen parties express interest in Muckross Park Hotel in Killarney
Hotel is run by businessman Bill Cullen and his partner Jackie Lavin
Muckross Park Hotel in Killarney
Sixteen parties have expressed an interest in investing in the luxury five-star Muckross Park Hotel in Killarney run by businessman Bill Cullen and his partner Jackie Lavin, the High Court heard yesterday.
Mr Justice Peter Charleton was also told the interim examiner appointed to the hotel last month believed it has a reasonable prospect of survival as a going concern.
Gary McCarthy SC, for interim examiner Kieran McCarthy, said 16 “credible” parties have expressed an interest in investing. The interim examiner had done a “significant amount of work” and concurred with the belief of an independent accountant that the hotel has a reasonable prospect of survival as a going concern.
Last month Mr Justice Charleton ordered a receiver appointed by ACC Bank to the hotel should be replaced by the interim examiner.
Declan Taite, of RSM Farrell Grant Sparks, had been appointed receiver and manager to Muckross Park Hotel Ltd, Boisdale Holdings Ltd, Silvermire Properties Ltd and certain assets of Bill Cullen just days earlier.
Yesterday, Declan Murphy, for ACC, said when the case comes before the court again on Friday the bank would argue the court should decline to hear the examinership application.
The bank is opposing examinership for a “variety of reasons”. The bank’s opposition hinges on the ownership of the hotel and lands which, counsel said, is part owned by Mr Cullen and a company.
Appointing the interim examiner to the hotel last month, Mr Justice Charleton said he was satisfied from evidence before him this “fine hotel” has a reasonable prospect of survival provided certain conditions were met.
Those conditions included securing investment and approval of a survival scheme from creditors and the court.
The court heard Mr Cullen and Ms Lavin had been told by an investor he was prepared to put €4 million into the hotel. The hotel had hired a very experienced new manager, implemented cost-saving measures and succeeded into diversifying into a number of areas including weddings.