Four Seasons got €2m to end Dublin deal
The former owners of the five-star Intercontinental Hotel in Dublin paid €2m to terminate their operating agreement with Four Seasons last year.
The payment to the Toronto-based hotel chain is disclosed in new accounts just filed by Ballsbridge Hotel that operates the hotel. The accounts for 2014 show that the €2m payment pushed the business into the red to record a pre-tax loss of €1.874m. The hotel recorded an operating profit last year of €303,233. This followed an operating loss of €663,294 in 2013.
The business returned to operating profit after revenues rose by 17pc to €20.88m in the 12 months to the end of September last, though the prior period was for 11 months. London & Regional, which is controlled by Ian and Richard Livingstone, acquired Dublin's Four Seasons in June 2011 for €15m.
The Livingstones made a handsome profit after a consortium backed by the US billionaire John Malone bought the InterContinental hotel in March. It had been on the market for an estimated €50m. The 197-bed luxury hotel was built in 2001 by an 18-member consortium put together by Quinlan Private.