Receiver appointed to Radisson

Skuxx

Was just having a read through the RTE news website and saw this! I used to be in the gym there and it's a lovely place! Hopefully they can save it!

http://m.rte.ie/news/touch/business/2013/0306/374488-radisson-hotel-limerick/

Wise Old Elf

alan1990 wrote: »

Was just having a read through the RTE news website and saw this! I used to be in the gym there and it's a lovely place! Hopefully they can save it!

http://m.rte.ie/news/touch/business/2013/0306/374488-radisson-hotel-limerick/

Haven't heard much about it, but the president of the Irish Hotels' Federation was on the radio today saying there's no reason it can't be saved. Hope he's right, heard of two people with weddings booked, one quite soon, so should be ok, one a bit later, so a bit more precarious.
+1 hope it can be saved.

Grogg

Hoping to hear more myself in the coming days in way of the printed word.

Got first hand info about this a couple of days ago, so did Luika who posted here but it was deleted by the admins so don't expect this thread to stay very long, must be that China firewall acting up again!

Anyhoo..... KPMG are in house at the moment and staff have been told that things will proceed as normal but I'm holding out too long, I'm waiting to hear via written proof that it's worth to keep on doing business there (new buyer or bank interest). Wel'l see but like the Two Mile Inn across the road, I'm not too optimistic. The hotel does do good business on face-value but it's what might come to the surface that makes me nervous.

If we knew more about the history of the previous owners that would help. If the previous owners ran into financial trouble elsewhere and they're hold of the hotel was not viable as a result then that would make users customers a lot more comfortable but if there was hidden issues with investment and profits directly with the hotel then there is no hope of a solution in my opinion, KPMG, bank or otherwise!

- FIN -

Berty

It's worth mentioning that when the Radisson in Athlone had a similar problem KPMG stepped in and ran it as a going concern so hopefully this will apply for the one in Clare.

Clareman

Grogg wrote: »

Got first hand info about this a couple of days ago, so did Luika who posted here but it was deleted by the admins so don't expect this thread to stay very long, must be that China firewall acting up again!

Snide remarks at the moderating of this forum will not be appreciated, if you have an issue with the moderating of it feel free to bring your feedback to the appropriate places, as you are able to notice a post that was deleted I'm sure you can find where the appropriate places are.

To address your concern about Luika's thread, this thread was opened without any links or backup, whereas we can all know stuff, unless it's reported in a recognized news source we cannot allow speculation into the status of businesses as this can have a very damaging impact to a business.

Kess73

Grogg wrote: »

Hoping to hear more myself in the coming days in way of the printed word.

Got first hand info about this a couple of days ago, so did Luika who posted here but it was deleted by the admins so don't expect this thread to stay very long, must be that China firewall acting up again!

Anyhoo..... KPMG are in house at the moment and staff have been told that things will proceed as normal but I'm holding out too long, I'm waiting to hear via written proof that it's worth to keep on doing business there (new buyer or bank interest). Wel'l see but like the Two Mile Inn across the road, I'm not too optimistic. The hotel does do good business on face-value but it's what might come to the surface that makes me nervous.

If we knew more about the history of the previous owners that would help. If the previous owners ran into financial trouble elsewhere and they're hold of the hotel was not viable as a result then that would make users customers a lot more comfortable but if there was hidden issues with investment and profits directly with the hotel then there is no hope of a solution in my opinion, KPMG, bank or otherwise!

- FIN -

The history of the original owners is quite well known, and that information is in the public domain, so I would assume that anyone with even a passing knowledge of the hotel knows exactly what group owned it and of their recent history financially.

Would suggest a bit of searching on google if the publically available information is of some interest to you of those you know. That way you can find details regarding most of what you mentioned in your final paragraph.

But, and I'm putting my mod hat on for this next bit as it is not towards any poster in particular but rather all that wish to comment on the thread topic...







MOD POST: No speculation regarding that group or the family behind it will be allowed, and no passing off anything regarding them that is unverifed will be allowed.

Also no speculation regarding the workers of the hotel will be tolerated as I am sure that it has to be a trying time for them, and one thing they don't need to add to their worries is online speculation with nothing to back it up.

Grogg

@ Clareman: It was not intended to be snide. There was no notification as to why the thread was removed. A simple removal and a message in it's place would have been awesome. My intention was to highlight that the thread was just pulled, no explanation, light hearted on my part but if you feel it was snide then I pass my apologies.

@ Kess73: Must have a Google then. Keen to figure to see if I can get my head around this. If there is info out there to look back on then super. I pass that place nearly every day, lived nearby all my life but must have lived under a rock all along, I've no idea on it's past except that it was the Limerick Inn at one stage and I went to a Christmas Party to meet Santa there once. Suppose I'm suffering from "it's around the corner yet I know nothing about it".


As mentioned to the staff there 2 days ago, my thought and prayers are with them all. As long as the jobs are safe and their families are fed, that's the main thing! Best of luck to all concerned. Us customers and potential clients (with or without potential financial loss) will just have to suck it and see. Letters are being issued to concerned customers over the coming days to let them know the story to date.

- Grogg

rainbowdash

Grogg wrote: »

Hoping to hear more myself in the coming days in way of the printed word.

Got first hand info about this a couple of days ago, so did Luika who posted here but it was deleted by the admins so don't expect this thread to stay very long, must be that China firewall acting up again!

Anyhoo..... KPMG are in house at the moment and staff have been told that things will proceed as normal but I'm holding out too long, I'm waiting to hear via written proof that it's worth to keep on doing business there (new buyer or bank interest). Wel'l see but like the Two Mile Inn across the road, I'm not too optimistic. The hotel does do good business on face-value but it's what might come to the surface that makes me nervous.

If we knew more about the history of the previous owners that would help. If the previous owners ran into financial trouble elsewhere and they're hold of the hotel was not viable as a result then that would make users customers a lot more comfortable but if there was hidden issues with investment and profits directly with the hotel then there is no hope of a solution in my opinion, KPMG, bank or otherwise!

- FIN -

What has the previous owners got to do with it?

The hotel was sold around 10 years ago I think, so whatever the ins and outs of it were are the time are irrelevant, the place was closed down for a long period back then and completely rebranded and rebuilt.

Or have I missed something?

Oversupply of hotel rooms and the general downturn around the place would seem to me to be the main reason.

If the Radisson payed through the nose for it 10 years ago then thats their problem surely?

Grogg

@ rainbowdash:

Simples! The hotel is making profits it seems, is a very good hotel, run well from what I hear and there has been very little issues. There was some investments years ago during the Radisson addition with some hiccups along the way but they got there. If the hotel is doing ok and money is being made then I'd just like to know what the owners were doing elsewhere, did they need to off load the hotel on order to clear the books for a non-related project or other? If so, I've no worries with continuing to put my funds towards the hotel's direction. If the hotel is not profitable and the books are not balancing, then I out. Either option could the possible reason for the receivership, a few of us concerned hope to hear the facts soon. I've my feelers out with some in the know but I don't think we'll find out here. The Radisson is just a franchise BTW so it's not the global brand in receivership, its the management arm of this particular hotel who are in need of assistance.

Advice with knowledge, that's all we are looking for, there are a few nervous people and couples that have laid money down so I hope that clears the confusion.

- Grogg

dcmm

We had a beautiful lunch in the Radisson last Sunday and brought all the family today for another delicious meal.The ambience,the pleasant and helpful staff and the great selection of good food enhanced our visit.We will definitely be back again.:)