Morgan Hotels reported a loss of €60m ($70m) during 2010 compared with the previous year’s loss of €101m ($130m).
The company attributed the loss mainly to an interest charge of €35m ($45m).
The Ireland-based hotel group, which runs Bewley’s Hotels and Red Cow Inn, posted a pre-tax loss of €46.7m ($60m) for the year ending 31 January 2010 compared with a loss of €47.7m ($61.5m) in 2009.
Morgan Hotels’ revenue dropped by 13.5% during 2010 to €80.8m ($104m) compared with €92.6m ($119.5) in 2009.
The hotel group has an outstanding bank loan of €678m ($875.5m) from Bank of Ireland, AIB, Bank of Scotland (Ireland) and Ulster Bank, which is repayable within five years, according to irishtimes.com.