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Tough Times For U2 Hotel

The economic crunch has been tough on the travel industry. A hotel that Bono and The Edge own shares of in Dublin has not been spared the pain.  The Clarence, a trendy 48 room boutique establishment in the Temple Bar part of the Irish city, posted a before tax loss approaching $2 million for 2008, a jump of 50% from the prior report.  Nearly 1/4 of the hotel staff has been trimmed and a director's summary indicates that further measures to  '...improve operating performance through cost efficiencies' would be taken as necessary.  The U2 singer and guitarist have held an ownership stake in the property since 1992.
IrishCentral.com

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