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Company Behind Dublin's Trinity City Hotel Experienced A Loss Last Year

Published on Nov 17 2021 9:14 AM in Hotel tagged: Trending Posts / Trinity City Hotel / Trinity Leisure Holdings

Company Behind Dublin's Trinity City Hotel Experienced A Loss Last Year

The company behind the Trinity City Hotel in Dublin, which was acquired by US billionaire John Malone in 2013, experienced a loss last year and has restructured its debt with AIB as a result of the COVID-19 pandemic.

Details

As reported by The Irish Independent, newly-filed accounts for the company behind the property, Trinity Leisure Holdings, show that it made a €2.3 million loss last year, which followed a €4.8 million profit the previous year.

The company reportedly had total bank loans totalling €49.4 million at the end of 2020, reportedly compared to €48.7 million at the end of 2019, and, of its bank loans, €33.9 million is reportedly repayable after five years.

Malone reportedly paid €35 million for the hotel in 2013. In 2019, the company behind the premises reportedly paid a €16 million dividend, reportedly allowing him to recoup a significant portion of his outlay for the property.

Malone reportedly teamed up with Galway developer John Lally to buy the property. Malone reportedly bought a number of high-profile properties in Ireland over the past decade, including the Westin Hotel in Dublin and Humewood Estate in Co. Wicklow. Malone is reportedly the chairman of Liberty Media and Liberty Global. Virgin Media Ireland is reportedly among the large number of international assets that it controls.

The accounts reportedly also reveal that Trinity Leisure Holdings secured waivers on loan covenants last year.

Additional Information

The directors, who include Malone, reportedly noted, "Covenants associated with the senior debt secured on the hotel were waived at June 30 2020, in addition to interest and capital moratoria at March 31, 2020, and June 30, 2020."

The directors reportedly added, "Additionally, capital repayments were waived from September 30, 2020, through to June 30, 2021, while covenants were amended to 2023. The directors have been in regular communications with AIB."

The directors reportedly said that the company is confident of continuing support from AIB and that the loan-to-value ratio remains at "comfortable levels".

Turnover at the hotel reportedly decreased to €2.1 million last year from €14.6 million in 2019.

The accounts reportedly note, "From late December 2020, government restrictions were once again placed on the company's business, which has significantly impacted the company's revenues,", and reportedly add that the hotel reopened on June 2 of 2021, in line with government guidelines.

The directors reportedly added, "During the period of restriction, the company reduced its cost base so that the burden of costs borne during the restricted trading period has been mitigated."

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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