Writedown in hotel investment

The Dublin construction group that owns a 34.9% share in Liam Griffin’s hotel group wrote down its investment by 93% last year, “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 Wexford in 1991.

However, accounts filed by Noonan Group Holdings Ltd show it wrote down the value of its investment in the hotel group from €1.3m to €100,000 in the 12 months to the end of September last.