Profits soar in stellar year for Merrion
Published 13/09/2016 | 02:30
The five-star Merrion Hotel in Dublin enjoyed a record 2015 with revenues and occupancy at their highest levels.
New accounts show that pre-tax profits increased by 63pc to €2.35m in the 12 months to the end of December last.
The Merrion Hotel is the hotel of choice for superstar musician Bruce Springsteen and a host of Hollywood A-listers, including Matt Damon, when they arrive into Dublin.
New accounts filed by Hotel Merrion Ltd with the Companies Office show that revenues at the firm increased from €17.6m to €19.6m.
The multi-award winning hotel comprises 123 rooms and 19 suites and is situated across the road from Government Buildings in the heart of the city.
According to the directors' report, "the hotel had a good year with revenues, room rates and occupancy being at their highest levels reflecting a strong performance by the Dublin market".
The directors added that "the near term outlook remains strong and we believe we can maintain revenues and profitability".
Online advertised room rates at the hotel yesterday ranged from €295 for a 'Standard Queen' room to €3,200 per night for the Penthouse Suite.
The firm last year paid a dividend of €102,422 to its shareholders compared to a dividend payout of €96,083 in 2014.
Numbers employed by the hotel - which houses Ireland's only two-Michelin star restaurant, Restaurant Patrick Guilbaud - last year increased from 281 to 286. Staff costs rose from €7.2m to €7.88m.
The profit last year takes account of non-cash depreciation costs of €591,756. Accumulated profits at the hotel firm last year increased from €3.05m to €4.89m.
The firm recorded a post tax profit of €1.94m after paying corporation tax of €411,469.
The Northern Ireland-based Hasting group owns a share of the Merrion Hotel through its 50pc shareholding in Landmark Investment Co Ltd.
The remaining 50pc of the ownership in the Merrion is owned by businessmen and ESB chairman Lochlann Quinn and billionaire Martin Naughton.
Mr Naughton owns appliance firm Glen Dimplex.