Profits Rise At John Malone's Dublin Hotels
Pre-tax profits at the Hilton Dublin hotel rose 54% to €2.83 million in 2016.
As reported by The Irish Independent, the Hilton Dublin hotel, which is situated on the south side of the city in close proximity to the Grand Canal, is one of several Dublin hotels owned by American billionaire John Malone.
Other venues in Malone's portfolio include the Westin on College Green, the InterContinental in Ballsbridge and the Trinity City Hotel on Pearse Street.
Accounts for Charlemont Leisure Investments Ltd, trading as Hilton Dublin, reveal that gross profit rose 15% from €10.27 million to €11.84 million in 2016.
The number of people employed by the business also went up from 92 to 102, with staff costs increasing from €2.76 million to €3 million, while key management personnel received €190,017.
Additionally, the company cash pile rose from €3.4 million to €4.4 million last year and shareholder funds amounted to €24.28 million, including accumulated profits of €5.87 million, at the end of December 2016.
Last year's profit takes into account non-cash depreciation costs of €954,094.
Meanwhile, pre-tax profits at the Trinity City Hotel rose by 28% from €2.4 million to €3 million in the wake of gross profits at the company increasing from €9.69 million to €10.5 million. The profits take into account interest charges of €1.97 million and a non-cash depreciation charge of €1 million.
Futhermore, employment numbers at the Trinity City Hotel rose from 90 to 95 last year, with staff costs increasing from €2.3 million to €2.56 million and key management personnel being paid €483,219.