The book value of Michael Holland’s upmarket Fitzwilliam Hotel on Dublin’s St Stephen’s Green was slashed by €14m last year as its business was hit by the Covid crisis.

Newly-filed accounts for Ampleforth, the company behind the five-star hotel, an adjacent restaurant and the Bailey Bar on nearby Duke Street, show the hotel was revalued at the end of 2020 by CBRE, reducing its value to €65m. The company is obliged to have the property valued on a regular basis as part of its borrowing requirement with AIB.

“The most recent valuation was carried out by CBRE on behalf of AIB in December 2020 and the market value of the hotel on an existing use basis was €68.1m, including fixtures and fittings,” the accounts note.

“The market value of other property was determined to be €1.8m including fixtures and fittings.”

The accounts for Ampleforth reveal the company’s revenue tumbled 76pc last year to €3.7m, while it posted a near €1.8m loss compared to a €3m profit the year before.

“Following restrictions placed on the group’s business as a result of the outbreak of the Covid-19 pandemic, the companies in the group temporarily ceased trading,” note the accounts.

“The directors intend to recommence normal trading as soon as all restrictions have been lifted and plan to manage the activities of the group so that it will return to normal trading as soon as possible,” they add.

“In the intervening period, the group has reduced its cost base so that the burden of costs borne during the non-trading period is mitigated.”

Last year, Ampleforth refinanced its senior debt with AIB to ensure it has sufficient financial headroom during the Covid crisis.

That deal was struck in April last year, extending maturity on the debt for an additional five years.

The accounts show Ampleforth had just under €19.8m in bank loans, with €18.7m of those maturing within two to five years from the end of 2020.

The directors said they were confident the group will return to profitability following the lifting of the restrictions.