Turnaround at Marker as hotel checks in with €2.4m profit
Published 12/11/2016 | 02:30
Dublin's five-star Marker Hotel recorded pre-tax profits of €2.4m after revenues soared last year.
New accounts filed by the firm that operates the hotel, GCS Hotel Property Ltd, show it recorded the profit after a pre-tax loss of €1.5m in 2014.
Revenues at the hotel firm rose from €14.48m to €17.28m last year. The hotel, located in Dublin's docklands, opened in April 2013 and is owned by Tetrarch Capital. "The Marker delivered an excellent performance in 2015, with revenue up 19pc," said a spokesperson for Tetrarch Capital.
"Performance was helped by stronger room rates and occupancy levels, and the hotel becoming the venue of choice for high profile events.
"We're also very pleased with the performance of our food and beverage offering, with The Brasserie restaurant and our famous Rooftop Bar and Terrace proving a continuing hit with customers.
"With its well-diversified, international and domestic customer base, the Marker is well placed for another strong performance in 2016."
The firm behind the Marker recorded operating profits of €3.1m compared to an operating profit of €616,055 in 2014.
GCS Hotel Property Ltd had bank debt of €19.85m and shareholder debt of €10.5m at the end of 2015.
A note states: "The company is operating within their banking facilities. The shareholders have confirmed their continued support to the company for the foreseeable future and on the basis of the foregoing, the directors consider it appropriate to prepare the financial statements on the going concern basis."
Accumulated losses fell from €9.4m to €7m during 2015, while the firm's cash rose from €702,747 to €2m. Tangible assets were valued at €20m.
Tetrarch acquired the five-star hotel from Lloyds in 2011, and invested €15m in completing the project.
Tetrarch is one of the major players in the Irish hotel sector and its other hotels include Mount Juliet and Powerscourt in Co Wicklow.