Profits Up 44% At Shelbourne Hotel
Published on Apr 15 2014 4:02 PM in Hotel
Profits at the Shelbourne Hotel in Dublin rose by a massive 44% during 2012, according to company accounts filed and reported on by the Irish Independent and Irish Examiner.
Operating profits at the five-star hotel reached €4.5 million, accounts filed by Shelbourne Hotel Holdings Ltd have shown. Revenue rose 12% from €23.1 million to €25.96 million.
Accumulated losses at the holding company stood at €211 million at the end of 2012, mainly due to a €155 million writedown of the property in 2008.
In January, US property investment firm Kennedy Wilson took control of the 265 bedroom Shelbourne after acquiring its debt for €110 million, but according to the newspaper reports no reference was made to the new owners in the accounts filed.
According to the directors' report, the directors are pleased with the performance of the company during the year and "the hotel continued to achieve improvements in its occupancy and room rates".
The number of people employed at the hotel increased from 310 to 333 during 2012.