€24m woe for Westin

OWNERS of Dublin's Westin Hotel have been forced to write off a €24m loan given to the business.

The five-star hotel which is based in a building owned by Treasury Holdings, is losing €4.5m a year. The owners -- US group Starwood Hotels -- have waived all rights to repayment of loans worth €21.4m plus accrued interest of €2.5m.

The company recorded losses of €31.3m to the end of 2009.