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07/08/2009
Leading Hotelier's Companies Liquidated
A leading Hotelier has heard a number of his companies are to be liquidated after accruing €200million of debts.
The High Court ordered the liquidations to go ahead after finding that hotelier Hugh O'Regan's companies had no prospect of survival.
The companies, which have bank debts totalling €200million, own the former Kilternan hotel and sports club in south Dublin, the former Hibernian United Services Club on St Stephen's Green and a building on Parliament Street in Dublin.
Mr O'Regan had sought court protection last month and the appointment of an examiner to salvage 100 days to devise a survival plan to rescue the companies. However, the hotelier withdrew the application yesterday and instead sought the winding up of the companies.
The news of the high profile hotelier's predicament comes on the heel of figures released yesterday showing the tourism and hotel sector was is sharp decline.
Figures released by the Central Statistics Office showed that the number of visits to Ireland in June dropped by more than 15% compared with the same month last year.
The figures coincided with an emergency meeting within the Irish Hotel industry over the financial crisis the sector is experiencing.
The Irish Hotel Federation said the sector is in crisis as it struggles to cope with a 20% overcapacity of 12,000 rooms.
(DW/BMcC)
The High Court ordered the liquidations to go ahead after finding that hotelier Hugh O'Regan's companies had no prospect of survival.
The companies, which have bank debts totalling €200million, own the former Kilternan hotel and sports club in south Dublin, the former Hibernian United Services Club on St Stephen's Green and a building on Parliament Street in Dublin.
Mr O'Regan had sought court protection last month and the appointment of an examiner to salvage 100 days to devise a survival plan to rescue the companies. However, the hotelier withdrew the application yesterday and instead sought the winding up of the companies.
The news of the high profile hotelier's predicament comes on the heel of figures released yesterday showing the tourism and hotel sector was is sharp decline.
Figures released by the Central Statistics Office showed that the number of visits to Ireland in June dropped by more than 15% compared with the same month last year.
The figures coincided with an emergency meeting within the Irish Hotel industry over the financial crisis the sector is experiencing.
The Irish Hotel Federation said the sector is in crisis as it struggles to cope with a 20% overcapacity of 12,000 rooms.
(DW/BMcC)
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