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 Post subject: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 12:28 pm 
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http://www.independent.ie/business/iris ... 87107.html
Quote:
Property tycoon Derek Quinlan has appointed investment bankers to assess an expansion plan for his hotel group.

Mr Quinlan, who owns some of London's most exclusive hotels, has asked Lazard to identify opportunities to help him expand the company internationally.

Mr Quinlan is a controlling shareholder in Maybourne Hotel Group, which owns and manages the Berkeley, Claridge's and the Connaught.

A spokesperson for Maybourne confirmed that "Lazard has been appointed to advise Maybourne on a range of options to grow the brand internationally".

It is understood the investments will be very selective and targeted to specific international cities, such as Dubai, Paris, Moscow and New York.

A newspaper report yesterday stated that the outright sale of the business is not on Mr Quinlan's agenda, and a final decision about the route that Maybourne will ultimately pursue could still be some time off.

"The injection of third-party capital into the company will be looked at seriously," a person close to Mr Quinlan said.

Maybourne's hotels are among the best known in the world.

Through his private equity and real estate investment firm Quinlan Private, Mr Quinlan had led a consortium of wealthy individuals who bought the then Savoy Group for £750m in 2004. He sold it in 2005.

According to accounts filed at Companies House, Maybourne Group is controlled by its parent company, Coroin.

Alongside Mr Quinlan, Coroin's investors include Patrick McKillen, the Irish property mogul, Moya Doherty and John McColgan, the promoters of Riverdance, and Kyran McLaughlin, who is the chairman of Elan Corporation, the Irish pharmaceuticals group, and is also a director of budget airline Ryanair and Davy Stockbrokers.

Quinlan Private has invested tens of millions of pounds on investment properties, including a £500m acquisition of a 3.5 acre site adjacent to Harrods in London, in May 2006.

The investment firm was also involved in the €300m-plus acquisition of Diagonal Mar Shopping Centre, one of the largest shopping centres in Spain. Other Quinlan Private acquisitions include a €270m purchase of prime "Maximilianhofe" retail space in Munich city centre and the €430m acquisition of prime office developments in the UK, Holland and Germany.


In April 2007, Quinlan Private acquired a portfolio of 47 Marriott hotels throughout the UK for £1.1bn. Quinlan Private also owns the Jurys Inn hotel chain, having acquired the budget group in a deal worth €1.2bn that included debt. In August, Quinlan Private announced that it had sold a 50pc equity stake in the Jurys Inn business for €200m.


- Maeve Dineen

Absolute madness, groin-grabbingly. Does this man not see what's going on around him?

I know that this is technically international, but what this lunatic gets up to is critical to this country, especially now that we (through Anglo Irish) are his backer.


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 2:27 pm 
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He/his private clients is one of the billion + borrowers with Anglo.

He personally bought 50% of the Citi building in Canary Wharf at the peak of the market for 1.0 billion which now is surely only worth 750m.Hsbc bought their building back this month for 250m less then they sold it for in 2007.All this has been reported on www.propertyweek.com

This is the really big scary stuff where guys can lose 125m in 12 months on one deal.

These mega deals and borrowers could lose billions in no time and will haunt the Irish banks for the next decade.


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 2:48 pm 
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The above article sounds like bluster to me,a pathetic attempt to appear bullish while hoping to mask serious problems.I think we have seen this kind of statement before. It's like in football when the manager receives a vote of confidence from the board, only to be sacked the next day. I'd say watch out for problems at Quinlan Private very soon. I could be wrong though, but looking at Quinlan's exposure, I doubt it. He was one of the "heroes" telling us we should all be positive in the Irish Times a few months back.I find it hard to take, a man who started his career figuring out ways wealthy people could avoid paying tax in this country, he then has the brass beck to try and advise how we should spend or cut our taxes.


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 3:34 pm 
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He started off _collecting_ taxes Ivor. Please.

No wild speculation or ANY polemic in this thread please.

We have no evidence that Quinlan and his 'private' operation has gotten himself into bother, serious or otherwise. Facts only from now on , OK !!!

The comment on the tower in canary wharf is correct , its not the big one with the aliens inside ( if you remember Dr Who) but one of the shorter pair just east of it built in the early part of this decade. The towers averred to by Bob are in the foreground in this photo

Image
http://i1.trekearth.com/photos/21881/wharf_sunset_2.jpg

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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 4:07 pm 
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2Pack wrote:
We have no evidence that Quinlan and his 'private' operation has gotten himself into bother, serious or otherwise. Facts only from now on , OK !!!

The same thing could be said of Sean Dunne. We've seen no evidence that he's in trouble, but considering the prices he paid for his properties, the cash that he's borrowed, it's certain that he's in serious trouble.


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 Post subject: Chaaarrggge!
PostPosted: Mon Dec 29, 2008 5:42 pm 
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The bould Seán has regaled Dublin Corporation and an Bord Pleanála with details of his , shall we say , upwardly mobile business model .

Anyway , on with considered discussion of the detail , thanks Housebuyer.

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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 7:26 pm 
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2Pack wrote:
He started off _collecting_ taxes Ivor. Please.



Image

He did indeed and then promptly went in to business as a tax "advisor" He's a real patriot.


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 7:41 pm 
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A true Patriot Ivor . That is not in dispute and thank you for highlighting it :nin

Those of you who would not know much about Derek Quinlan / Quinlan Private should start with this rather good background briefing by propertyweek some 3 years back ( before he bought that tower :nin )

http://www.propertyweek.com/story.asp?storyCode=3047488

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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 8:40 pm 
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They have let people go from their operation in London (source: an employee there) so it's not like they are in a bubble of their own.


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 9:10 pm 
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The Pack asked for facts; I shall endeavour to deliver!

Quinlan and his ultra-high net worth backers own some of these gems.

In 2004, they spent €750 million on the Savoy Hotel Group, he eventually flogged the Savoy and Simpson's for €230 million, leaving Quinlan in control of the Berkeley, Claridge's and the Connaught. He later spent £250 million renovating and extending these hotels.

In 2007, he spent £1.16 billion on buying the Jurys Inn chain (200 budget hotels).

Like has already been mentioned, his group have also spent £1 billion on the Citigroup HQ in London.

He's also spent another €400 million acquiring retail/office space in Berlin, Cologne, Frankfurt and Poland.

Spent €450 million on a hotel/leisure centre on Lake Balaton in Hungary.

€190 million on the Eircom tower in Heuston.

Overall, his group supposedly has €11 billion worth of property under ownership.

If you ask me, the man is a speculator, a mere flipper. Nothing is bought as an investment, it's bought with the intention of flipping it on for a higher price. Now that his prime markets have tanked, either the banks are going to be foreclosing on his properties, or his "ultra-high net worth" clients will get wiped out.


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 10:13 pm 
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HouseBuyer wrote:

Overall, his group supposedly has €11 billion worth of property under ownership.
.


I think you mean has spent 11 billion on property,

jesus H christ

was all this Financed through Irish banks?

Is this what I'm guaranteeing?

FFS

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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 10:22 pm 
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Propertyweek

"Yet only two of his 140-plus properties are known to have been sold, which raises the question of whether Quinlan knows when to sell."

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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 10:33 pm 
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HouseBuyer wrote:

Quinlan and his ultra-high net worth backers own some of these gems.



So, erm, probably a thick question, but these days, what exactly is the difference between ultra-high net worth and ultra-low net worth?

:?


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 10:41 pm 
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Inis Man wrote:
HouseBuyer wrote:

Quinlan and his ultra-high net worth backers own some of these gems.



So, erm, probably a thick question, but these days, what exactly is the difference between ultra-high net worth and ultra-low net worth?

:?


The diiference between a ultra high net worth individual and an ultra broke liabilities exceeding assetts individual is about 10 months

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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 29, 2008 10:43 pm 
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Inis Man wrote:
So, erm, probably a thick question, but these days, what exactly is the difference between ultra-high net worth and ultra-low net worth?

:?

Or a roll-up from your friendly banker. It's great fun until you get busted.


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