Recently filed accounts for the company that operates Dublin's five-star Shelbourne Hotel, KW Shelbourne Ops Limited, have revealed that the firm's pretax profits dropped to €3.8 million last year from €3.9 million the previous year while turnover rose from €39.7 million to €41.7 million.
As reported by The Irish Times, the company said that room rates rose on the back of increased demand, but turnover was partially offset by higher operating expenses, which rose to €34.7 million in part because of the expenditure of €15.8 million on a revamp of the venue in the first half of 2017.
A note included with the KW Ops accounts stated, "The directors remain confident that the strong trading position of the hotel will continue over the medium to long term as the benefits arising from the extensive refurbishment project undertaken by both the company and its landlord continued to be realised."
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.