LAUNCH OF IRISH PROPERTY SELL-OFF PLANS PROMOTE JITTERS AMONGST IRELAND ESTATE AGENTS
April 1st, 2011
BY NEIL CALLANAN
THE CHOICE of The Shelbourne Hotel on Dublin's St Stephen's Green for Ireland's first major post-recession property auction could not have been better. The grand dame of Irish hotels in many ways serves as a microcosm of the boom and the bust of the Irish property market over the last decade.
Bought by a consortium in 2004, it was expanded and renovated at huge cost. The revamped hotel enjoyed a run of success, before the crash came and a massive write down followed. The hotel's value plunged from Euro EUR246.3 million in 2007 to just EUR90 ...
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