Capital’s upmarket Westin Hotel struggles in slump with €3.7m annual loss
THE Westin Hotel, one of Dublin’s most upmarket properties, is losing €3.7m a year as the hospitality industry struggles amid the deep slump.
The latest accounts for Westin Hotels Ireland Ltd show turnover at the property falling from €16.7m to €15m and a €3.7m loss for the financial year of 2008, significantly up on the previous loss of €1.8m.
The hotel is based near College Green and has a large tourist trade.
According to the company’s balance sheet there is now a deficit in shareholders’ funds of €26.8m, up from €23.1m in the previous year.
The accounts show accumulated losses of €26.8m at the end of 2008. The landlord of the property is Treasury Holdings, controlled by Johnny Ronan and Richard Barrett.
According to the accounts, the company paid out €4.2m in lease costs in the year under review.
The hotel employs 155 people, down from 166 in the previous year.
The hotel group is owned by Starwood Hotels and Resorts, a large hotel owner from the US.