£5.45m plan for Gresham Hotel agreed
RYAN Hotels has signed a contract which will lead to a 50 per cent increase in the size of the Gresham Hotel in Dublin. The 100 extra bedrooms and a multi store car park with 160 spaces will be cost £5.45 million.
It will be financed from internal sources and bank borrowings, said Mr Patrick Coyle, finance director. The expansion is not expected to make much difference to gearing, which is likely to be less than 50 per cent by the end of the year.
Mr Coyle said the provision of its own car park would "very significantly change the perception of the Gresham." Ryan Hotels has also announced the completion of a £1 million upgrading at its Killarney Ryan Hotel. The group completed a £2.4 million development at its Galway Ryan Hotel last July and this has been upgraded since then.