Business Irish

Thursday 8 December 2016

Capital’s upmarket Westin Hotel struggles in slump with €3.7m annual loss

EMMET OLIVER

Published 20/04/2010 | 08:43

The main entrance to the Westin Hotel
The main entrance to the Westin Hotel
The ceiling in the ballroom
The atrium

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.

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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.

Irish Independent

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