Westin hotel owners write off €21.4m business loan

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The owners of Dublin’s five-star Westin Hotel, based in a building owned by Treasury Holdings, have been forced to write off a €21.4m loan given to the business.

The hotel, which is losing €4.5m a year, is owned by US group Starwood Hotels, but the property has been loss-making since it opened, accounts for Westin Hotels Ireland state.

In April, Starwood, which describes itself as the “principal provider of finance” to the hotel, waived all rights to repayment of loans worth €21.4m, plus accrued interest of €2.5m. The balance sheet of the company shows accumulated losses of €31.3m to the end of 2009.

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