Owner Of Dublin's Shelbourne Hotel Records Decrease In Revenue For Hotel For First Half Of 2021
The owner of Dublin's Shelbourne Hotel, US property investment group Kennedy Wilson, has recorded a decrease in revenue for the hotel for the six month period that ended on June 30. As reported by...
The owner of Dublin's Shelbourne Hotel, US property investment group Kennedy Wilson, has recorded a decrease in revenue for the hotel for the six month period that ended on June 30.
As reported by The Irish Independent, Kennedy Wilson's Q2 results reveal that The Shelbourne generated $3 million (€2.5 million) during the six month period that ended on June 30, which was down from the $7.3 million (€6.2 million) figure that was recorded for the same period in 2020.
However, the results reportedly reveal that The Shelbourne's revenue during the three month period that ended on June 30, amounted to $2.2 million (€1.9 million), which was up from the $100,000 (€85,000) figured that was recorded for the same period in 2020.
Kennedy Wilson President Statements
Kennedy Wilson president Mary Ricks reportedly said in a call with analysts regarding the Q2 results that in 2020 the company expected to hit net operating income (NOI) of $19.5 million (€16.7 million) for The Shelbourne, and that it is now using an estimated annual net operating income of $9.1 million (€7.8 million).
The Irish Independent quotes Ricks as saying, "Really, there's $10 million of NOI upside when things return to normal, and things are picking up [as] Ireland is reopened. So we think that we’re going to see a really nice increase in our NOI."
Debt And 2020 Revenue
Kennedy Wilson reportedly acquired the debt secured by The Shelbourne in 2014 for $152 million (€130 million) in a complex transaction that involved multiple sellers.
Accounts for Kennedy Wilson Europe Real Estate reportedly reveal that The Shelbourne had revenue of £10.7 million (€12.6 million) in 2020.
© 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.