Hotel group hit by €27m losses

The group that operates the Gresham hotel in Dublin and the Metropole Hotel in Cork incurred combined losses of €27.4m over the past two years.

In figures just filed to the Companies Office for 2012 and 2011, they show that the chief factor behind the losses was a €21m property write-down in 2011.

The accounts for Precinct Investments Ltd shows that pre-tax losses narrowed sharply from €26.1m in 2011 to €1.26m last year.