Write-Down Sees Rochestown Park Hotel Post €6.4m Loss
Published on Mar 20 2014 3:36 PM in Hotel
Windsor Surprise, the company that runs Cork's four-star Rochestown Park Hotel, filled annual accounts this week showing a loss of €6.4 million in 2012.
The accounts show that this significant loss is chiefly down to a property write-down totaling €6.1 million, which had a big effect on the balance sheet despite the company increasing revenue by 7% to €9 million.
Windsor Surprise's reports for 2012 which were filled with the Companies Office show that the company's land and buildings were independently valued in May 2013 by an independent valuers at €26.5 million – down from the value of €32.7 million at the end of December 2012.
Both the Irish Independent and the Irish Examiner report that as per the report, "directors have considered it appropriate to carry these premises at valuation in the financial statements, and not to provide for depreciation in the current year".
The loss in 2012 follows the firm recording a loss of €620,758 in 2011.
Accumulated profits at the company dropped from €7.9 million to €1.5 million as a result of the write-down.