Losses narrow at Dublin's 5-star Westin hotel
Published 13/08/2014 | 02:30
The five-star Westin Hotel on Dublin's College Green narrowed pre-tax losses last year by 17pc to €2.66m.
According to accounts just filed with the Companies Office, Westin Hotels Ireland Ltd reduced the losses after revenues increased by 10pc to €13.84m in the 12 months to the end of December last.
This followed pre-tax losses of €3.2m in 2012.
Last month, it emerged that US billionaire John Malone purchased the hotel for €65m. It will be operated by the Lalco Hotel group under a franchise agreement with Westin Hotels and Resorts.
The deal is expected to be concluded before the end of this month.
According to directors' report "while the company is still behind its peak performance, in 2012 the company witnessed an overall improvement in trading conditions with improved daily average rate, increased group business, sporting events and conferences".
The report adds: "The US being the company's main feeder market also enjoyed positive growth. The directors are satisfied with the cost-saving initiatives put in place by management and are hopeful that trading will improve further in future years."
The 163-room hotel has been run by US Starwood Hotels and Resorts and the hotel received an additional €3.7m from Starwood during 2013.
The loss last year takes account of non-cash depreciation costs of €714,065.