Firm writes down hotel group investment

The Dublin construction group that owns a 34.9% share in Liam Griffin’s hotel group has written down its investment by 65% “in light of prevailing market conditions”.

The Noonan Group has a long association with the Griffin Hotel Group, first joining forces to purchase the Ferrycarraig Hotel in Co Wexford in 1991.

However, accounts filed recently by Noonan Group Holdings Ltd, show the construction group wrote down the value of its investment in the hotel group from €3.89m to €1.3m in the 12 months to the end of September last.