Galway Bay fm newsroom - A property fund is to pay €89 million to take control of the hotel and property empire built by Galway developer Gerry Barrett.
It's after Mr. Barrett was unsuccessful in his bid to retain control of the assets, which include the G-Hotel, Hotel Meyrick and Eye Cinema in the city.
In recent days, the High Court granted orders permitting the examiner of seven companies controlled by Gerry Barrett to enter into an agreement with an investor.
Neil Hughes sought the order because the directors of the companies would not sign documents that would allow an investment agreement to be executed.
A company called Besomhill Ltd, which the court heard is controlled by Gerry Barrett, was unsuccessful in it's bid to take control of the assets.
According to the Sunday Business Post, the successful bidder is Alanis Capital, which is to pay €89 million for the hotel and property portfolio.
It reports that backing from Deutsche Bank, which controls Gerry Barrett's debts worth €700 million, was crucial in the bid by Alanis.
A scheme of arrangement has been circulated to creditors and it's understood all preferential creditors and trade creditors are being paid in full.
Alanis, which made the bid though a company called Waltzfire, has more than €1 billion in property assets across Europe and central America.
