Business Irish

Monday 26 September 2016

Profits rise by 9pc for Merrion Hotel owners

Gordon Deegan

Published 07/07/2015 | 02:30

Merrion Hotel in Dublin
Merrion Hotel in Dublin

Pre-tax profits at the hotel group that co-owns the luxury five-star Merrion Hotel in Dublin last year enjoyed a 9pc increase in pre-tax profits to £2.19m (€3m).

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The increase in profits at the Northern Ireland-based Hastings Hotels Group came as the group increased its revenues by 1.35pc from £39.24m to £39.77m in the 12 months to the end of October last.

The figures show that The Merrion Hotel outperformed the group last year, with the group's joint venture share of The Merrion's operating profit increasing by 13.5pc from £555,170 to £630,101.

The group owns 50pc of the Merrion hotel and the group's revenues from its Merrion Hotel interest last year increased by 1pc from £7.19m to £7.26m.

During 2014, Hollywood actor Russell Crowe was of the many celebrities to boost the coffers at the hotel.

The Hastings Group owns its share of The Merrion Hotel while the remaining 50pc is owned by businessmen and ESB chairman Lochlann Quinn, and billionaire Martin Naughton, who owns appliance firm Glen Dimplex.

The Hastings Group portfolio of hotels includes the landmark Europa Hotel in Belfast and the luxury Culloden Hotel on the outskirts of Belfast.

The numbers of people employed last year increased marginally from 1,100 to 1,114.

The group paid an interim dividend last year of £405,772 following a dividend pay out of £386,453 in 2013.

The group's operating profit last year increased by 5pc from £2.77m to £2.92m, while the group paid net interest charges last year of £747,302.

The group's accumulated profits totalled £32m. The profit takes account of non-cash depreciation costs of £2.68m.

The group's staff costs declined marginally going from £11m to £10.9m.

Irish Independent

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