A syndicate of banks that provided funds to companies of developer Seán Dunne towards acquiring two hotels in Ballsbridge for €400 million is pursuing Mr Dunne for more than €163 million over his personal guarantees of loans related to the purchase of Jurys Hotel.
An application by Ulster Bank in its capacity as security trustee for the syndicate to fast-track the proceedings in the Commercial Court is listed before Mr Justice Peter Kelly on Monday.
In purchasing the hotels, Mr Dunne had planned to build a €1.5 billion high-rise mixed development in Dublin 4, with a 37-storey tower as the centrepiece. That plan was rejected in January 2009 by An Bord Pleanála and the hotels were reopened under the D4 brand. The syndicate’s case arises from loans advanced from 2005 to DCD Builders Ltd, the parent company in the Dunne group, in connection with the acquisition of Jurys Hotel.
It is alleged that Mr Dunne provided personal guarantees as security for those loans.
