Shelbourne Hotel owner Kennedy Wilson sees no Covid-19 hit –

KENNEDY Wilson Europe, the owner of Dublin’s Shelbourne Hotel and a number of high-profile assets in the capital, said it does not envisage any material financial impact on the group’s business despite Covid-19.

Part of the US-based Kennedy Wilson group, Kennedy Wilson Europe said there is only a “remote possibility” that its financial headroom could be depleted.

It added that it has strong cash balances, with £201.9m (€232.5m) at the end of last December, which has been supplemented by disposal proceeds in 2020.

“If the group wished to further bolster short to medium- term liquidity beyond its already considerable reserves, it would be able to defer discretionary capital expenditure,” it added in its annual report.

The company said no imminent breach of its banking covenants is anticipated. It said future cash flows have been forecast and stress-tested, taking into account conservative assumptions relating to rent collection and tenant performance.


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