Galway investor Gerry Barrett is working with Nama to agree a plan to trade out assets in his Edwards Holdings group until they can be prepared for sale.

A four-star hotel in Galway city once valued at €70m now has a book value of only €7.8m after a series of writedowns.

THE company that operates the four-star Meyrick Hotel in Galway’s Eyre Square recorded losses totalling €53.2 million in 2009 and 2008, new figures show.