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Interim examiner appointed to Ritz Carlton Hotel in Wicklow

An interim examiner has been appointed to the Ritz Carlton Hotel in Co. Wicklow. The 5-star luxur...
Newstalk
Newstalk

08.46 20 Nov 2012


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Interim examiner appointed to...

Interim examiner appointed to Ritz Carlton Hotel in Wicklow

Newstalk
Newstalk

08.46 20 Nov 2012


Share this article


An interim examiner has been appointed to the Ritz Carlton Hotel in Co. Wicklow.

The 5-star luxury venue is situated on the Powerscourt estate.

It has hosted celebrity weddings including Robbie and Claudine Keane as well as Brian Ormond and Pippa O"Connor.

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Yesterday the High Court heard that the hotel owes €47 million to the National Asset Management Agency (NAMA).

It was built by Johnny Ronan and Richard Barrett in 2007.

Low occupancy & turnover

Newstalk"s Business Editor Ian Guider says the hotel has struggled to fill rooms since it opened.

"Since it"s opened, turnover and occupancy rates has declined" he said.

"Its occupancy rate - the number of rooms that are full - was just 41% last year; that compares with an Irish hotel average of about 61%".

"Its turnovers down 26% from peak - turning over about €12 million".

"The hotel does have a chance of survival - if its costs can be reduced, if its bank debts can be reduced" he added.


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