Hotel group reveals losses

Exceptional costs resulted in losses at the group that operates the Gresham hotel in Dublin and the Metropole Hotel in Cork totalling over €18.5m in 2010, new figures show.

In accounts just filed by Precinct Investments Ltd, they show that revenues at the group declined from €20.3m to €17.1m during 2010.

The group operates the four-star Gresham hotel and the three-star Metropole Hotel and sold the Park Inn at Hyde Park in London during 2010, contributing to the decrease in revenues.