Sunday 21 October 2018

Beautiful day for Bono with hotel's €500k profit

Bono and the Edge
Bono and the Edge

Gordon Deegan

The four-star boutique hotel in Dublin co-owned by Bono and The Edge recorded profits of €500,000 last year.

The profits enjoyed by Brushfield Ltd, trading as the Clarence hotel, in Dublin's Temple Bar follow profits of €430,000 in 2015.

"We had a very busy year here last year and management and directors are very pleased with the business and the positive results," said the general manager at the Clarence, Michael O'Connor.

Mr O'Connor said that the hotel is enjoying "a very strong year" in 2017, adding that "we are enjoying very high occupancy rates".

Mr O'Connor said the hotel is planning to refurbish the bar but has no plans to put in additional rooms. Last year was the seventh consecutive one of profits at the hotel.

The boutique hotel was purchased by Bono and The Edge, pictured, and a consortium of investors in 1992. The shareholders are listed as Bono and wife Ali Hewson; The Edge, along with financier Derek Quinlan; and developer Paddy McKillen.

The amount owed by the hotel firm to connected parties last year fell from €1.85m to €753,930. The firm reduced its accumulated losses by €498,807 from €1.48m to €989,941 in the 12 months to the end of December last. Numbers employed increased from 37 to 39 and staff costs rose to €964,016.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business