Treacys Hotel Group and US fund Cerberus have settled a legal row over the €1.5 million sale of a high-profile property in 2016.
The group had asked the High Court to enforce a contract to buy the Ard Rí Hotel overlooking Waterford city, for €1.6 million, which the business maintained that it agreed with US fund Cerberus and receiver Luke Charleton of EY - previously Ernst & Young - on November 21st, 2016.
The family-owned business paid a €160,000 non-refundable deposit on that date and subsequently demonstrated that it had the cash to pay for the property.
Lawyers for various parties in the case told Mr Justice Michael Quinn in the High Court on Tuesday that the sides had reached an agreement, but did not disclose any terms.
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The issue is due back before him next week, when the judge will make any orders necessary. He commended the parties on reaching agreement.
Cerberus subsidiary Promontoria Aran Ltd and Mr Charleton sold the Ard Rí to rival bidder, Seamus Walsh, for €1.5 million.
Mr Walsh and his business, Walsh Kilkenny, were defendants in the case, along with the US fund and receiver.
The High Court rejected the Treacys group’s claim in February 2019 on the grounds that it had not established an arguable case, but in October last year the Court of Appeal decided the case should be heard.
The proceedings restarted last week with evidence mainly given by witnesses for the defendants, including Mr Charleton, who took the stand on Friday.
The hearing was expected to run for several days more.
The Ard Rí has been empty for a long period, and there are concerns in the Waterford area that it has become a focus for anti-social activity.
The landmark property is close to Waterford’s north quays, an area the local council is redeveloping and which will include a revamped railway station and transport centre for the city.
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