Conrad hotel bounces back from losses with €205,000 pre-tax profit
The five-star Conrad hotel in Dublin recorded pre-tax profits of €205,305 in 2012 after four years of successive losses.
Accounts filed to the Companies Office confirm that management accounts for the six months to the end of June 2013 "continue the trend of increasing revenues and profitability. Full-year forecasts continue to be ahead of plan".
Accounts filed by Earlsfort Centre Hotel Proprietors say revenues rose by €1.13m to €11.4m, driven as revenue per room increased 17.9pc.
Bankrupt developer Bernard McNamara purchased a 45pc share in the business in 2007. Filings show that Mr McNamara resigned as a director from the firm in February 2012.
The accounts show that the hotel (pictured) recorded an operating profit of €660,015 in 2012 that followed an operating loss of €376,095 in 2011.
However, net interest payments totalling €444,670 reduced the firm's profits to €205,345 in 2012. The directors state that the growth in the revenue per room reflects Dublin hotel trends and the industry metrics continue to be positive.
Still, the report adds that the Conrad is lagging its peers.
"A failure to continue to invest in its product offering could lead to the Conrad Dublin losing further market share.
"The board and Conrad management therefore are currently developing plans to address this issue and plan to increase the number of suites and executive rooms, which together with a refurbishment of the food and beverage areas should lead to an increase in its market share."