Filing Reportedly Suggests Shelbourne Q1 2022 Income Increased Year On Year
A filing by the owner of Dublin’s Shelbourne Hotel, Kennedy Wilson, suggests that the business generated $6.5 million, or €6.2 million, in income during the three-month period that ended on 31 March of this year, which compares to an income figure of $800,000 for the same period last year, according to The Irish Times.
Main Reason For Year-On-Year Income Increase
The Irish Times quotes the filing report as stating, ‘The $5.7 million increase is primarily due to the lifting of Covid-19 restrictions in Ireland that led to increased operations at the Shelbourne Hotel during the three months ended March 31st. Conversely, in the three months ended March 31st, 2021, the Shelbourne Hotel severely limited its operations due to Covid-19-related restrictions.’
Kennedy Wilson’s hotel earnings during the same period in 2020 – during which the Shelbourne closed on 15 March, due to the Covid-19 pandemic – were $7.2 million, according to The Irish Times, which also reported that the filing document noted that the Shelbourne’s expenses increased year on year during the three-month period that ended on 31 March 2022, from $1.6 million during the same period last year to $4.3 million, mainly as a result of increased operations at the hotel. The mortgage debt associated with the hotel decreased during the period, from $82 million in 2021’s last quarter to $79.8 million.
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