Revenues Soar At Dublin's Shelbourne Hotel
Newly-filed accounts for KW Shelbourne Ops, the firm that operates Dublin's five-star Shelbourne Hotel, show that revenue grew to €35 million last year, however it had pre-tax losses of €454,697 due to lease payments paid to a separate firm.
US property investment group Kennedy Wilson, who acquired the hotel for €110 million in 2014, generated revenues of €133,000 for the hotel's 265 rooms. It saw staff numbers rise from 481 to 504 with staff costs totalling €13 million in 2015, up from €12 million, reports The Irish Examiner.
The directors report said it was "pleased to report strong hotel revenue and performance for the year" and that the "strong performance resulted in a catch-up incentive fee payable to Torriam [Hotel Operating Company Ltd] of €1.8m being recognised within operating expenses covering the period 2007-14 as the required hurdles were met during the year".