Losses reduced at Gresham hotels

THE Gresham Hotel Group significantly reduced its pre-tax losses in 2009, with the company saying its hotels have continued to trade well despite the tough economic conditions.

Pre-tax losses were down from €40 million to €6.5m in the year to the end of December 2009.

In July last year the group disposed of The Park Inn in Hyde Park, London and as a result reduced its level of debt by €37m, according to accounts just filed for Precinct Investments Limited, which owns the hotels in Cork and Dublin.