Ireland's Moran Hotel Group writes down huge sum

The Moran Hotel Group has written down the value of its properties by €224 million and written off the €182 million in goodwill attaching to its purchase of the Bewleys hotel chain in 2008, the Irish Times reports.

This left the company with an after-tax loss of €353.7 million for the year to the end of January 2012, which compared with a deficit of €48.6 million in the previous year.

This data emerge from the latest set of accounts for T&S Taverns Ltd, the company that operates the 10 hotels in Ireland and the UK. The charges are a legacy of debts associated with Moran’s €580-million acquisition of Bewleys Hotels, a deal completed just before the economy and property market in Ireland crashed.

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