• Home
  • NAMA property for sale
  • About
  • The Developers
  • The Tranches

NAMA Wine Lake

Click the green link above for latest news and over 2,600 related articles. NAMA – National Asset Management Agency – part of Ireland's response to its banking crisis and property bubble

Feeds:
Posts
Comments
« NAMA developer sells landmark Liverpool property for just 25% of purchase price
When is a civil servant not a civil servant [Answer: when they’re on secondment from the NTMA] »

AIB takes a bath on sale of New York La Guardia hotel

January 23, 2013 by namawinelake

News this evening that the 438-room LaGuardia Aiport Marriott in New York state has been sold by AIB and another lender, Capmark to Rubicon Companies, a Connecticut real estate investment company. The hotel was originally owned by RLJ Lodging Trust, a company you won’t be familiar with and was subject to an AIB loan which was foreclosed.

The sale price has raised some eyebrows in the New York real estate community. At a sale price of USD 22m ( €17m) or USD 50,000 per room for a hotel which boasts 80% occupancy and nightly rates of USD 159, it looks as if AIB has taken a bath on the transaction – the hotel was originally bought by RLJ from LaSalle Hotel Properties for USD 69m in 2008. According to the Wall Street Journal, the average sale price per room for New York hotels is USD 163,130.

AIB and Capmark were represented by Cushman and Wakefield.

Share this:

  • Twitter
  • Facebook
  • Reddit

Like this:

Like Loading...

Related

Posted in Banks, Hotels, Non-Irish property | 6 Comments

6 Responses

  1. on January 24, 2013 at 1:29 am Joseph Ryan

    @NWL

    Ireland is being ransacked. A forced policy of deleveraging through fire sales is forcing massive losses onto Irish citizens on a weekly basis.This sale looks like another one. Sell at any price to meet an ECB imposed target of reducing ‘dependence’ on the ECB, so that the money can be taken back by the ECB and burned.
    Can we expect a comment from the public interest directors on why such losses were considered necessary in the national or public interest?


  2. on January 24, 2013 at 1:47 am who_shot_the_tiger

    This sale is typical of the results being achieved from property asset sales by receivers appointed by NAMA and AIB in particular. Bankers, accountants and receivers are not the people to market properties. They are useless at it and, swimming with the world’s greatest sharks, are completely out of their depth.

    As JR says, Ireland, with the help of the clowns in the banks, is being ransacked…. Pass the Vaseline.


    • on January 24, 2013 at 9:40 am Kieran Sullivan (@techspeakieran)

      Bankers, accountants and receivers are not the people to market properties

      …especially when they are working in public institutes, which makes them essentially civil servants, and so are dealing with taxpayer money.


  3. on January 24, 2013 at 9:35 am BGeed

    When can we expect the hike in mortgage interest rates “to bring the bank back to profitability?” With deals like these, they’ll whack another half percent on the home owners and won’t use the Vaseline.


  4. on January 24, 2013 at 10:00 am OMF

    Took a bath? It sounds like they were paid to strip — well strip the Irish exchequer at least.


  5. on January 24, 2013 at 11:23 am JR

    At least AIB are able to defend their patch in London…

    http://www.dailymail.co.uk/news/article-2263920/Serial-fraudster-Achilleas-Kallakis-posed-property-tycoon-mastermind-Britains-biggest-mortgage-worth-750MILLION-jailed-seven-years.html

    Hang on, the SFO was the driver there…. AIB’s exit was to lend dosh to Green to buy the properties, nice little ribbon tied around that one.



Comments are closed.

  • Recent Posts

    • Test – 12 November 2018
    • Farewell from NWL
    • Happy 70th Birthday, Michael
    • Of the Week…
    • Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of European Commission commitments
    • Gayle Killilea Dunne asks to be added as notice party in Sean Dunne’s bankruptcy
    • NAMA sues Maria Byrne and Graham Byrne in Dublin’s High Court
    • Johnny Ronan finally wins a court case
  • Recent Comments

    Wisemama on Eddie Hobbs’s US “partner” fir…
    Dorothy Jones on Of the Week…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    John Foody on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Frank Street on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    John Gallaher on Of the Week…
    John Gallaher on Of the Week…
    who_shot_the_tiger on Eddie Hobbs’s US “partner” fir…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Brian Flanagan on Of the Week…
    Robert Browne on Gayle Killilea Dunne asks to b…
  • Twitter Updates

    • Funniest case in Irish legal history? 1. ex-Cllr Fred Forsey convicted of RECEIVING a corrupt payment 2. developer… twitter.com/i/web/status/1… 3 years ago
    • Really looking forward to this at 9pm tonight, esp the first Garda on the scene. Well worth reading this background… twitter.com/i/web/status/1… 3 years ago
    • Tea time on the day the president of the ECB tells us we [in Ireland] are paying more interest on our loans than th… twitter.com/i/web/status/1… 3 years ago
    • “I am grateful for you to refer to Mr Sugarman...on the specific question of Unicredit, responsibility at ECB lies… twitter.com/i/web/status/1… 3 years ago
    • @JMcGuinnessTD now confronts ECB about "the honest whistleblower" @WhistleIRL and his disclosures of liquidity issu… twitter.com/i/web/status/1… 3 years ago
    • Details, including court documents of class action in New York against Ryanair and CEO Michael O'Leary.… twitter.com/i/web/status/1… 3 years ago
    • Draghi tells @paulmurphy_TD the ECB doesn't remove govts, the people do, that's democracy. Bet the people will be m… twitter.com/i/web/status/1… 3 years ago
    • Wow! Draghi says there is no net interest cost for the Anglo bonds whilst they're held by the Irish central bank. T… twitter.com/i/web/status/1… 3 years ago
    Follow @namawinelake
  • Click on date for that day’s posts

    January 2013
    M T W T F S S
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  
    « Dec   Feb »
  • Blog Stats

    • 5,104,139 hits

Blog at WordPress.com.

WPThemes.


Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • NAMA Wine Lake
    • Join 10,037 other followers
    • Already have a WordPress.com account? Log in now.
    • NAMA Wine Lake
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: