The Big Apple skyscraper splurge that turned rotten

A court case focusing on a failed $194 million New York hotel deal between Anglo Irish Bank and a group of investors is set to shine a light on how deals were done in the boom times

19th February, 2011

It was billed as an opportunity to invest in ‘‘prime hotel assets in the financial capital of the world’’, with a plan to buy, refurbish and ultimately sell on two New York skyscraper hotels. But this week, the Commercial Court will begin hearing how a $194million deal between Anglo Irish Bank and wealthy Irish investors has come apart at the seams.

The case being taken by Gerry McCaughey, the multimillionaire founder...

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