Cullen hotel’s losses widen to €9.9m

APPRENTICE star Bill Cullen believes his loss-making five-star hotel in Co Kerry will soon be back in the black.

According to company filings, accumulated losses at the Muckross Park Hotel in Killarney rose from €9.059 million to €9.937m in the 12 months ending December 2009. The post-tax loss of €878,000 in 2009 compared to a €2m loss in 2008.

The losses in both years included significant non-cash depreciation costs with depreciation amounting to €437,255 in 2009.