Radisson operator reports €42m gain

The group that operates the Radisson hotels at the country’s three State airports booked an exceptional €42 million gain last year after restructuring its bank debt.

The CG Hotel group operates the former Great Southern hotels at Dublin, Cork and Shannon airports, with the Dublin and Cork hotels operating under the Radisson Blu brand, while the Shannon hotel is a Park Inn hotel.

The group had bank loans totalling €63m, repayable within one year, that were costing it €60,000 per week in 2011 to service with Bank of Ireland and Ulster Bank.