Airport hotels’ value falls €43.8m

THE group that purchased the Great Southern hotels at Dublin, Cork and Shannon airports four years ago has written down the value of the properties by €43.8 million due to a period of sustained losses.

Documents just filed by CG Hotels Ltd and subsidiaries to the Companies Registration Office show the group recorded pre-tax losses of €46.9m to the end of December 2008 after recording the write-down.

The group purchased the three airport hotels from the Dublin Airport Authority for around €75m in 2006.