Starwood European Real Estate Finance has handed over its hotel and convention centre in Dublin to the Health Service Executive for coronavirus-related uses.
Starwood’s lender, with which the company has a £60m loan, has granted a licence to the HSE for the asset to be used for accommodation and the provision of healthcare in relation to coronavirus.
The hotel is the largest hospitality exposure in Starwood’s portfolio (approximately 31%), and accounts for 10% of total invested assets as of 31 December 2019.
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