Cullen's Troubled Hotel Attracts Interest From 16 Investors
Published on Apr 3 2013 10:32 AM in Hotel
Businessman Bill Cullen's troubled Muckross Park Hotel in Killarney, Co. Kerry, has attracted interest from 16 investors according its interim examiner. Gary McCarthy SC, speaking for the examiner, told the High Court that the interim examiner had done "significant work", and agreed with the report of an independent accountant that the five-star hotel has a reasonable prospect of survival.
Mr Justice Charleton said he was satisfied from evidence that the hotel has a reasonable chance of survival, provided certain conditions were met. The Muckross Park hotel underwent significant investment in 2006 but experienced significant difficulties after 2008. The hotel, which employs 105 people and an additional 50 in summer, has hired a new manager, implemented cost-saving measures and succeeded in diversifying into a number of areas including weddings.
The case has been adjourned until Friday, and the appointment of the interim examiner has been continued.