Quinns seek to block hotel deal as talks stall

The Quinn family is seeking to block the sale of one of their former hotels the Prague Hilton. The latest development in the ongoing Quinn saga comes as talks aimed at brokering a truce between the family and the former Anglo Irish Bank, now IBRC, ended last week without resolution.
The family of former billionaire Sean Quinn bought the hotel in 2004 for an estimated €145m and it was a major addition to their international property portfolio.
However, the Prague Hilton was placed into receivership back in 2011, along with other Quinn companies in connection with loans of €2.34 billion allegedly owed to Anglo Irish Bank.
Located in the heart of Prague’s corporate district, the 791-room Czech hotel, is the first choice for VIPs visiting Prague including US President Barack Obama.
The property was put up for sale last November with a guide price of €180m by the consultancy firm managing the former Quinn Group property portfolio, Avid Asset Management.
However, The Anglo-Celt understands the process to the sell the hotel has now stalled as legal proceedings in the Republic of Ireland continue, with the Quinns also challenging the sale in the Czech Republic.
Meanwhile, mediation in Ireland between the Quinn family and IBRC, chaired by retired Supreme Court judge Justice Joseph Finnegan, ended last Friday, July 17, without agreement.
The mediation was agreed following a Quinn proposal in the Commercial Court after the Director of Public Prosecution (DPP) secured a third deferral of their case because of concerns their action could affect ongoing criminal proceedings due for hearing in October against former Anglo Chair, Sean FitzPatrick.
It’s understood that both sides had come relatively close to resolving the dispute earlier this year, but the deal was eventually vetoed by the Department of Finance following the fallout and controversy attached to the SiteServ deal between IBRC and businessman Denis O’Brien.
The proposed deal, it’s thought, would have seen the Quinn family drop its proceedings against the bank; while a similar backing down on the bank’s behalf would have occurred in relation to charges of alleged asset stripping and conspiracy.
As a result the Quinns would commit to going after all unsecured former Quinn assets, including those in Russia and India; while the State would in return realise the full value of all assets retrieved.