>Hotel Phoenicia caught up in Ireland’s financial storm

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>Hotel Phoenicia operators Cuffe (Malta) Limited is in the process of refinancing its debt with beleaguered INBS Bank in Dublin, to an “alternative banking institution outside of Ireland.”

The news was revealed to MaltaToday by the operating company, that explained that these negotiations will be concluded by the end of the year.

The hotel property is owned by six Irish investors, who took over the hotel in 2007. Among the hotel’s directors is 65 year-old Paddy Kelly, Ireland’s most notorious developer, who is reported to owe Irish banks almost €1 billion.

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