Dunne gives up D4 hotel empire
DEVELOPER Sean Dunne has finally given up control of his hotel empire in Dublin 4.
The businessman has settled a court action with a bank syndicate that provided funds used to help buy the Jurys and Berkeley Court hotels in Ballsbridge.
Mr Dunne paid a massive €400m for the prime sites inside Dublin's main embassy belt at the height of the boom in 2007. He had once planned to build a €1.5bn high-rise mixed development but that plan was rejected in 2009 by An Bord Pleanala and the hotels were reopened under the D4 brand. But on December 23 his company was told they must vacate the hotels on January 1 as the syndicate was not renewing short-term letting arrangements.
A Commercial Court case was initiated after Mr Dunne refused to yield possession.
Mr Justice Peter Kelly was told of the settlement of the case when it came before the Commercial Court yesterday. Lyndon MacCann, for the banks, said MJBCH Ltd (a company of which Mr Dunne and Ross Connolly are directors) had agreed to give up possession while another company, Mavior (ultimately owned by Mr Dunne's wife Gayle Killilea), had arranged for transfer of title to the hotels' fixtures and fittings.
In those circumstances, the judge struck out the proceedings and, on agreement, made an order for costs to be paid by MJBCH.