Pat McCann's Maldron hotel group posted a loss of €1.5m in its first full year of trading in 2008.
According to recently filed accounts, Maldron said it had a difficult 2009 and it was uncertain about the outlook for 2010 because of the fall-off in the number of tourists. Revenue in 2008 totalled just under €38m.
McCann, the former boss of Jurys Doyle, bought the Comfort and Quality Inn hotels from developer Paddy Kelly in 2007.