Hotel firm in €16m property writedown
The company that operates one of the best-known five-star hotels in the country, the Aghadoe Heights in Co Kerry, has written down the value of its property by €16m.
The writedown is confirmed in accounts just filed by Dalegrove Taverns Ltd for 2009, where the directors confirm that management accounts for 2010 show an operating loss before bank interest and depreciation of €179,870.
This followed the company recording an operating loss of €621,249 in the 12 months to the end of December 2009 and a €1m loss in 2008. The company had a shareholders' deficit of €10m at the end of 2009.
The Aghadoe Heights, overlooking the Lakes of Killarney, is the flagship hotel of one the country's best known hoteliers and developers, Jerry O'Reilly.
The Kerry native is a business partner of developer Bernard McNamara in ventures including the five-star Shelbourne Hotel in Dublin.