Losses continued to mount at the group that purchased the Great Southern hotels at Dublin, Cork and Shannon airports following a writedown of €4m in 2009, figures show.

Documents filed by CG Hotels Ltd and subsidiaries to the Companies Office show the group recorded a pre-tax loss of €7.3m in 2009 following a loss of €46.9m in 2008.  The losses stem mainly from property writedowns of €4m in 2009 and €43.8m in 2008.

The group purchased the three airport hotels from the Dublin Airport Authority for around €75m in 2006.  The two hotels at Dublin and Cork were subsequently rebranded Radisson Blu, and the Shannon hotel became a Park Inn.

The accounts, signed off on Jan 19, show that revenues at the group decreased by 26% from €16m to €11.8m in the 12 months to the end of Dec 2009. Bank loan interest charges of €3.9m and a depreciation charge of €1m also contributed to the group’s losses.