Anglo in bitter legal battle over NY hotels

[BoyRacer]

Anglo in bitter legal battle over NY hotels -> independent.ie/national-news … 91661.html

Nationalised Anglo Irish Bank is involved in a bitter legal battle in New York over its investment in landmark Manhattan hotels.
One of the hotels, the Art Deco 172-room Beekman Tower near the United Nations Headquarters served as a backdrop in the film The Bourne Supremacy starring Matt Damon.
The Beekman and the 187- room Eastgate Tower hotel were purchased in 2006 at the height of Anglo’s status as the developers’ bank of choice in a $149m deal.
Anglo originally provided $100m in debt funding to acquire the hotels, while 59 high net-worth Irish private clients put in some $49m between them.
Anglo and their American partners created an investment entity called Peninsula Real Estate as a vehicle for the deal.

there is more

[ncallanan]

Story was out in August
tribune.ie/article/2009/aug/ … ?q=beekman

Anglo Irish Bank involved in third New York property lawsuit as hotels row heads for US court
Jon Ihle

Anglo dispute: the Beekman Tower hotel in New YorkAnglo Irish Bank has become embroiled in yet another New York property deal lawsuit after a group of equity investors in an investment vehicle it created filed an injunction to stop the bank from taking full control of two hotels bought by the fund in 2006.

The general partner, experienced hotel sector operator Timothy Haskin, filed the suit in early July after the bank gave legal notice to remove him after the two sides failed to resolve a disagreement over renovation costs for the Beekman and Eastgate hotels, landmark properties acquired on behalf of a group of Anglo private clients by its Peninsula Real Estate fund vehicle.

[doubleglaze]

I’ve spent many a night in the Eastgate Hotel, including during 2006, when it was bought. The hotel was doing a roaring trade, even in 2006 when it was bought and needed little or no renovations.