The Ryan Hotel in Limerick is to close with the loss of 92 jobs it was confirmed today.
Staff at the hotel on the Ennis Road were told yesterday of the hotel's imminent closure.
The hotel was recently sold by the Gresham hotel group to Budelli Ltd, a propert development company for€10.5 million. Budelli is headed by former Irish rugby player and manager, Mr Pat Whelan.
It is expected that the hotel site will be redeveloped as apartments but may also incorporate a hotel.
Labour Party Deputy for Limerick East, Ms Jan O'Sullivan extended her sympathy to the workers and said it was "extremely worrying" that the owners have decided to close the hotel.
"Limerick can ill-afford closures such as this which leave so many people without work" she added.
A spokesman for SIPTU described the offer from the company of statutory redundancy for the 92 staff members as "derisory" and "unacceptable".
A further meeting between staff and owners to discuss details of the redundancy package is due to take place on Friday.