Irelands Moran's Hotel Group posts 60M euros loss

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ONE OF the country’s largest hotel groups, Moran Hotels, suffered losses of €60 million last year, primarily due to an interest charge of €35 million. The company had €678 million of bank loans on its balance sheet as of January 31st, 2010.

TS Taverns, the company behind the Bewleys hotel chain and the Red Cow Inn, posted pretax losses of €46.7 million for the year ended January 31st, 2010, marginally lower than the €47.7 million loss posted the previous year. However, a €15.7 million property impairment charge pushed the total recognised losses to €60.1 million.

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