Value Of Dublin's Shelbourne Hotel Decreases
Newly-published accounts for European arm of the company that owns Dublin's Shelbourne Hotel, US property investment group Kennedy Wilson, have revealed that the value of The Shelbourne has decreased.
According to The Irish Independent, the accounts reveal that The Shelbourne was valued at £176.4 million at the end of 2020. At the end of 2019, the hotel was reportedly valued at £186.3 million.
The valuation placed on The Shelbourne at the end of last year reportedly assumes a normal operating environment and occupancy of 89%.
Revenue And Sales
Accounts for Kennedy Wilson Europe Real Estate reportedly reveal that The Shelbourne generated revenue of £10.7 million in 2020.
According to The Irish Independent, accounts for a separate company, KW Shelbourne Ops, revealed that The Shelbourne generated revenue of €42 million in 2019 and experienced a post-tax loss of €632,000 that year.
The Shelbourne reportedly generated revenue of €44 million in 2018 and made a €4 million profit that year.
The 2020 revenue figure would have accounted for just a small part of the year because hotels were closed for much of last year due to the COVID-19 pandemic.
The cost of The Shelbourne's sales last year reportedly was £16.8 million and it made a loss of £10 million last year.
According to The Irish Independent, Kennedy Wilson Europe Real Estate's accounts note, "The board is pleased with the performance of the group during the year, despite the challenges arising from the COVID-19 global pandemic."
Kennedy Wilson Europe Real Estate Information
Kennedy Wilson Europe Real Estate has assets in Ireland, the UK, Italy and Spain.
It reportedly said that gross revenues decreased to £208 million from £132 million last year, mainly due to the sale of a number of hotel and commercial assets.
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