Dublin's InterContinental Hotel Sees Increase In Profits And Valuation
American billionaire John Malone has booked a €9.34 million gain on the value of his five-star InterContinental Dublin hotel for a total book value of €22.5 million at the end of last year.
The hotel was bought by a Malone-backed consortium for an estimated €50 million in March of last year.
Malone, who is also the owner of TV3 and chairman of Liberty Media, headed a partnership that recently acquired the Spencer Hotel in the IFSC, the Beacon Hotel in Sandyford and the Morgan Hotel in Temple Bar in a €150 million deal.
The Irish Examiner reports that newly filed accounts for the hotel firm show that in the 15 months to the end of December it reported a pre-tax profit of €10.56 million, largely in part due to a €9.34m value increase as a result of the property being revalued. It also saw an increase in gross profit of 61% to €10 million compared to the previous 12 months.
However, the number of employees at the 197-bedroom hotel dropped from 334 to 306 with staff costs decreasing from €11.88 to €6 million.