After undergoing renovations, Dublin's Mespil Hotel has seen its operating profits rise by 60% to €2.289 million for the past year.
The 254-bedroom hotel, which recently attained 4-star status, completely renovated 75 bedrooms, with plans to renovate an additional 100, as well as a full renovation of the ground-floor area to "enhance profitability significantly", according to its directors, reports the Irish Independent.
It's director's report showed that the hotel's gross profit increased by 11 per cent to €7.3 million to the end of last September, accumulated profits increased to €21 million, its cash pile rose from €18,197 to €530,987, although pre-tax profits fell by 10 per cent to €2.15 million due to incurring €137,007 in interest charges. The hotel currently employs 73 people with staff costs totalling €3,042 million.
"The company's financial position remains strong. The majority of the operating profits were applied towards servicing debt and capital investment in the hotel," stated the Mespil Hotel directors.