Merrion Hotel Owners See Profits of €4.2M
Northern Ireland's Hastings Hotel Group, owners of six luxury hotels and and co-owners of Dublin's Merrion Hotel, have reported an increase in their pre-tax profits to £4.2 million.
The five-star, 142-bedroom Merrion Hotel, is also home to Ireland's only 2-Star Michelin restaurant, Restaurant Patrick Guilbaud.
There has been an improved turnover of £35.3 million for the group's year ending in October 2015, according to The Irish Times. Its portfolio includes 5-star Culloden Estate and Spa and the Europa Hotel in Belfast. It has also announced further plans to invest £30 million into a new 4-star Belfast hotel which will be completed by 2018.
The group saw its pre-tax profits increase from £2.2 to £4.2 million and net assets growing from £32.9 to £35 million over the last year.
Its directors have described the turnout for the year as satisfactory but expect the market to remain competitive in 2016. It says that the hotel group is “well placed to manage its business risks successfully despite the current uncertain economic outlook”.