A HOTEL formerly owned by Sean Quinn has been sold for almost €45 million in Britain.
The Crowne Plaza Hotel in Cambridge, which was owned by a subsidiary of Quinn Insurance, was bought by brothers Ian and Richard Livingstone, who already own Dublin’s Four Seasons Hotel.
The sale process was begun by administrators Grant Thornton four months ago. That company had taken over Quinn Insurance in April 2010.
The 198-guest room was marketed as enjoying a “prominent trading location” in the city, which already had limited hotel supply.
The sale price means each bedroom in the hotel cost £177,000 (€225,000) to buy.
Jeremy Jones of Christie & Co, a hospitality advisor which organised the sale, said the sales process for the hotel had been “extremely competitive”.
“This was reflected in highly competitive bidding to secure this profitable hotel which benefits from a leading global brand and incumbent manager in InterContinental Hotels Group,” he said.