Formerly owned by Quinn Insurance, the Crowne Plaza Cambridge has been sold for £38 million (€48 million) to London and Regional. The price paid will contribute to repaying banks and bondholders of the Quinn Group.
The property is the first of three hotels previously owned by Quinn Insurance to be sold as part of the restructuring deal which led to the Quinn Group banks and bondholders and the former Anglo Irish Bank taking over the group.
The 198-bedroom hotel was sold by Grant Thornton, the administrators of Quinn Insurance, using Christie and Co, which specialises in selling hotels and bars.
The Cambridge hotel was bought by the Quinns for £11.5 million in 1994 and was owned by Shamrock Public Houses, a subsidiary of Quinn Property Holdings.