Alanis pays €89m for Barrett hotels and property empire

Alanis pays €89m for Barrett hotels and property empire
Galway developer Gerry Barrett

Alanis, which is being backed by Deutsche Bank, has been selected as the preferred bidder for the assets by a court-appointed examiner

Alanis Capital, a property fund controlled by the McCormack family, is paying €89 million to take control of the hotel and property empire built by the Galway developer Gerry Barrett.

Alanis, which is being backed by Deutsche Bank, has been selected as the preferred bidder for the assets by a court-appointed examiner. A scheme of arrangement was circulated to creditors late on Friday evening.

Barrett has fought a rearguard battle to keep control of the assets,...

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