The Treacy Hotel Group and US fund Cerberus have reached an agreement in relation to the Ard Rí Hotel in Waterford City.
As reported by the Irish Times, the Treacy Hotel Group asked the High Court to enforce a contract to buy the Ard Rí Hotel 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 Treacy Hotel Group 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.
The issue is due back before him next week, when the judge will make any orders necessary. He commended the parties on reaching agreement.
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