€7.8m hotel once valued at €70m
Galway developer Gerry Barrett purchased the Meyrick in Galway’s Eyre Square in 2006 along with two other Great Southern Hotels from the Dublin Airport Authority for a reported €130m, later selling the Killarney-based hotel for around €40m.
ML Meyrick Ltd wrote down the value of its hotel property asset by €50m in 2009 and by a further €10m in 2010 and now, new accounts for the company that owns the Meyrick show the value of the hotel was further written down from €10m to €7.8m in 2011.
