Great Southern Hotels May Be Sold

Great Southern Hotels could be sold off to facilitate the reorganisation of the state airports.Initially, it was intended to transfer ownership of the hotel group to the Dublin airport authority.However, it now appears that great southern along with a number of subsidiaries of aer rianta will be sold to boost the company’s finances.Two of the hotels are based in South Kerry.According to a report in today`s Irish Times legal advice given to Aer Rianta suggests the initial proposal would constitute a dividend payment.The problem arises because the value of the assets being distributed is far in excess of the company’s accumulated reserves.Advisors from the Department of Transport, Price Waterhouse Coopers and Matheson Ormsby Prentice are examining possible solutions to the problem.

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