GALWAY BUSINESS MAN MAY NEVER SEE RETURN ON SHELBOURNE INVESTMENT

Date Published: 07-Feb-2010

The owners of the Shelbourne hotel in Dublin, which includes Galway business man John Sweeney, may never see any return on their 230 million euro investment.

The consortium of investors bought the St Stephens green property in 2004 for 120 million and injected a further 110 million euro for it’s redevelopment.

Today’s Sunday business post is reporting that court documents filed by John Sweeney, show that investors have earned nothing from the investment to date.

There is also no indication that there will be any return in the near future.

The information is contained in an independent accountants report, prepared for Blackshore holdings, which is owned by John Sweeney, and will be central to his examinership petition, due to be heard by the High Court tommorow. (8/02)