Operator Of Radisson Blu Hotel Off Of Dublin's South Great George's Street Experienced Decrease in Revenues During 12 Month Period That Ended On October 31, 2020
The operator of the Radisson Blu hotel off of Dublin's South Great George's Street experienced a decrease in revenues during the 12 month period that ended on October 31, 2020.
As reported by The Irish Times, accounts filed by the Rhatigan group-owned Luxor Leisure Ltd reveal that revenues decreased by 57% from €12.3 million to €5.24 million during the 12 month period, and the company experienced a €2.93 million pre-tax loss, which followed a €1.15 million pretax profit the previous year.
The loss for last year reportedly takes account of €856,356 in non-cash depreciation costs and €3 million in lease payments to a connected entity, Luxor Investments.
The accounts also reveal that revenues from accommodation decreased from €8.39 million to €3.29 million during the 12 month period; revenues from food decreased from €2.2 million to €890,980; revenues from conferences decreased from €822,557 to €356,189; the number of people employed by the hotel decreased from 150 to 55; staff costs decreased from €3.37 million to €1.94 million; the company’s cash funds increased from €144,311 to €1.2 million; and shareholder funds at Rhatigan investment property firm Luxor Leisure amounted to €37.6 million at the end of the 12 month period.
COVID-19 Pandemic Effects
The accounts reportedly warn that the company continues to be exposed to the effects of the COVID-19 pandemic.
Revenue figures published reportedly reveal that Luxor Leisure availed of COVID-19 wage-subsidy scheme payments.
The company operates a Radisson Blu franchise agreement that runs for 25 years with Rezidor Hotels.
In 2019, the company invested approximately €2.5 million in the ground floor of the hotel, including a revamp of the bar, restaurant and foyer areas.
The book value of investment properties owned by Luxor Investments in 2019 reportedly remained at €112 million, and it reportedly recorded pre-tax profits of €16.68 million and revenues of €30.5 million.
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