Galway Bay fm newsroom – Loans connected to the G Hotel and the Hotel Meyrick in the city are to be sold at a discount of nearly 90 percent.
Currently Deutsche Bank is the preferred bidder for the portfolio, which has been named Project Maeve.
According to the Irish Independent, NAMA is selling loans tied to developer of the G hotel, Gerry Barrett which have a value of 778 million euro.
The loans are tied to a number of properties including the G Hotel and the Hotel Meyrick in the city and a number of large businesses in Drogheda.
Galway Businessman Gerry Barrett was one of the biggest borrowers from Anglo Irish Bank.
Although the loans have a value of 778 million euro Deutsche Bank is set to take on the portfolio for 97 million euro.
The discount is due to how well the assets involved are performing with the G Hotel considered to be the strongest in the portfolio.
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