Barrett hotel devalues by €31m

Property developer Gerry Barrett has written down the value of the Corrib Great Southern Hotel in Galway from almost €37 million to less than €6 million in two years.

26th February, 2011

Property developer Gerry Barrett has written down the value of the Corrib Great Southern Hotel in Galway from almost €37 million to less than €6 million in two years.

Barrett acquired the four-star, 175-bedroom hotel in 2006, using a company called MD Merlin Developments.

He later applied for planning permission to demolish the hotel, which is on a 6.5-acre site on the Dublin Road close to Galway city. At the time, it was proposed that the...

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