Westin Records €3M in Losses After Takeover
The five-star Westin Hotel in Dublin posted a loss of just over €3.1 million last year, due to the costs associated with its €65 million sale.
The iconic Westmoreland Street hotel was bought by US billionaire John Malone in August 2014. Costs resulting from the sale contributed the the 19 per cent increase in losses compared to the previous year.
According to the Irish Examiner, the previous owners incurred a €3.5m impairment on assets and nearly €90,000 in legal and consultancy fees relating to the sale.
The hotel reduced the number of staff significantly, from 132 to 79, resulting in a reduction of staff costs from €5.3 million to €3.1 million.
Owner John Malone, who is known as the 'cable king' due to his work in the telecommunications industry, is the man behind Liberty Global, who own UPC, and is the biggest individual landowner in the US, with around 2.2 million acres across the country.