Losses of €7.7m at property group

ACCUMULATED losses at the property development group responsible for the 16-storey Clarion Hotel in Limerick widened to €7.7 million in 2009.

This followed Steamboat Developments Ltd and subsidiaries recording a loss of €700,823 in the 12 months to the end of December 2009 and a loss of €5.85m for the year before.

NAMA appointed Kieran Wallace of KPMG as receiver to Steamboat in March.