Hotel company records €53.2m losses after property value writedown

THE company that operates the four-star Meyrick Hotel in Galway’s Eyre Square recorded losses totalling €53.2 million in 2009 and 2008, new figures show.

Accounts just filed by ML Meyrick Ltd show the chief factor behind the losses was the company writing down the value of its property asset by €50m from €70m to €20m in the two years to the end of December 2009.

The Meyrick is part of Galway businessman, Gerry Barrett’s Edward Holdings Group and accounts just filed by 23 of the group’s 27 Irish-based companies to the Companies Office outline the deterioration of the group’s finances in the two year period to the end of December 2009.