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Ireland Ritz-Carlton Powerscourt debt restructure

1 min reading time

Published on 22/11/12 - Updated on 17/03/22

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Marriott could become the owner of the 200-room Ritz-Carlton Powerscourt, County Wicklow, Ireland after a debt restructuring.

Since its opening in 2007, the Irish hotel has been performing at a consistent loss. The Ritz-Carlton Hotel Co. has entered into an agreement to buy out Carrylane Ltd.’s debt of €47 million to Ireland’s National Asset Management Agency (NAMA). Marriott, of which the Ritz-Carlton Hotel Co. is a subsidiary, would then fund the property until 2015, when it should start breaking even. This could leave Marriott could as the property’s new owner.

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