Mr Crosbie, his wife Rita and Vicar Street Hotel Ltd, have sued HITC Properties Ltd, which owns and manages hotels. Vicar Street Hotel Ltd has obtained planning permission to develop the site.<\/p>\n
Mr Crosbie, who was behind the developments of the 3Arena, the National Conference Centre, Bord Gais Theatre and the Vicar Street venue, claims that he entered into a non-binding heads of agreement with HITC in 2019 whereby it would invest \u20ac10m by way of a loan and be granted an option to acquire a 50pc interest in a special purpose vehicle which would acquire the Vicar Street hotel site.<\/p>\n
If the option was not exercised, he would repay the defendant and it would release its security over the site, he said in an affidavit seeking entry of his case to the Commercial Court.<\/p>\n
However, despite efforts to get the development up and running, in 2022 Mr Crosbie engaged an auctioneer to sell the site and a potential purchaser was identified. He, his wife and the hotel company would then no longer retain any interest in the site, he said. Ultimately, that sale did not proceed.<\/p>\n
There were also around this time discussions with HITC about repayment of the loans and unwinding of the 2019 agreement.<\/p>\n
In April 2023 HITC issued proceedings against him, his wife and hotel company, seeking judgment for some \u20ac1.5m.<\/p>\n
He said this case was settled in November 2024 following negotiations in what he believed was full and final settlement of all the disputes between the parties. Had he not believed so, he said he would not have settled.<\/p>\n
It was his understanding that he would pay HITC \u20ac325,000 in full and final settlement.<\/p>\n
However, HITC sought to separate the commercial and loan agreements despite the fact that the two were inextricably linked, he said.<\/p>\n
In April 2025, HITC issued proceedings seeking specific performance of the 2019 investment\/loan agreement.<\/p>\n
Discussions followed between the parties over the next few months and Mr Crosbie says he paid over the \u20ac325,000 sum.<\/p>\n
However, as there was no further engagement, he brought proceedings seeking orders that the November 2024 settlement agreement was as he claims, in full and final settlement, or alternatively he sought a declaration that there was no meeting of minds between the parties at all.<\/p>\n
He says he and his co-plaintiffs want the dispute to be resolved as expeditiously as possible to allow them to progress the development.<\/p>\n
Mr Justice Mark Sanfey admitted the case to the fast track commercial list on consent between the plaintiffs.<\/p>\n
He noted that while there had been efforts to mediate the dispute, it had “proceeded at a leisurely pace”. He adjourned the case to October and said the parties could apply to court should there be a development in the meantime.<\/p>\n","protected":false},"excerpt":{"rendered":"Mr Crosbie, his wife Rita and Vicar Street Hotel Ltd, have sued HITC Properties Ltd, which owns and…\n","protected":false},"author":2,"featured_media":455475,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60,898],"class_list":["post-455474","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland","tag-latest-news-ticker"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/455474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=455474"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/455474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/455475"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=455474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=455474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=455474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}