Hotel value written down by €16m

THE company that operates one of the best known five-star hotels in the country, the Aghadoe Heights in Co Kerry, has written down the value of its property by €16 million.

The write-down is confirmed in accounts just filed by Dalegrove Taverns Ltd for 2009 where the directors confirm that management accounts for 2010 show an operating loss before bank interest and depreciation of €179,870.

This followed the company recording an operating loss of €621,249 in the 12 months to the end of December 2009 and €1 million in 2008. The company had a shareholders’ deficit of €10m at the end of 2009.