Regency Hotel Records €15.5M Losses
Regan Development, the firm that operates the Regency Hotel in Dublin, recorded losses of €15.5 million in 2013.
The firm was forced to write off a loan of €15.89 million owed to it by a connected company. The accounts show that before the exceptional cost is factored in, the firm's operating profits fell by 68 per cent to €432,985.
Accroding to the Irish Independent, due to increases in room and occupancy rates within the Dublin area, sales at the hotel were up by 29 per cent from the prior year.
The firm's gross profits were €3.67 million, a fall of 28 per cent. Taking into account distribution and administrative expenses the operating profit was down to €432,985.
The 240-room Regency Hotel is located in Drumcondra, Dublin 9, in close proximity to Dublin Airport.