Castle walls financially breached

[caption id="attachment_68339" align="aligncenter" width="600" caption="Ashford Castle."]

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It has long been one of the hottest places to stay, not just in Ireland, but in the world.

But the air in Ashford Castle is a little draftier this week, at least in financial terms, after Ashford went into receivership, the Irish version of Chapter 11.

According to an Irish Independent report, the five-star hotel in the village of Cong, County Mayo, where "The Quiet Man" was filmed 60 years ago, has racked up enormous losses.

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Ashford, on the banks of Lough Corrib, was bought from a group of American investors in 2007 for €50m by Galway property developer Gerry Barrett.

Last week, however, Barrett and Bank of Scotland Ireland appointed receivers to take over the running of the hotel. This means that Ashford's doors will remain open for business.

Assurances have been given that guests will not notice any difference in service and that the 130 staff members will continue to be employed during the receivership. The receivers will be hoping to sell the historic hotel in the future.

"It is a trophy asset that has rarely come on the market and is likely to attract international interest. Ashford Castle is said to be trading well but is weighed down by its bank debts," the report stated.

 

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