Ten Square in Administration

Cotta

I'm surprised at this, Ten Square is ideally positioned in the city centre and it's always reasonable busy anytime I pass it. I quite like the food and bar area although it is on the pricey side - I do wonder what the real reasons for this development are, e.g. high rates etc?

http://www.belfasttelegraph.co.uk/business/news/belfast-city-centre-hotel-ten-square-enters-administration-30923370.html

saverbuyer

Real reason? How about the fact it was bought at the top of the commercial property market for very big money?

donnac2558

Yes, sad. Great food at a good price.

Cotta

saverbuyer wrote: »

Real reason? How about the fact it was bought at the top of the commercial property market for very big money?

What price was it bought for?

saverbuyer

Belefast Telegraph says £10 million.

BigAl94

More info in this report http://www.belfasttelegraph.co.uk/business/news/business-view-boutique-hotels-prime-location-still-attractive-30923994.html


It will soon become clear who appointed administrators - my guess would be a fund who bought debt from local banks.

BigAl94

And there will be many more high profile administrations to come as these funds shake out the portfolios they have purchased at knock down prices.