Wednesday 13 December 2017

Marker enjoys strong revenue growth in 2014

The Marker Hotel at Grand Canal Square in Dublin’s Docklands.
The Marker Hotel at Grand Canal Square in Dublin’s Docklands.

Gordon Deegan

The operators of the five-star Marker Hotel have confirmed that the business enjoyed strong revenue growth in 2014.

A spokesman for the hotel's owners, Tetrarch Capital said yesterday that revenues at the hotel were up more than 10pc on a like-for-like basis.

The hotel located at Grand Canal Square in Dublin's Docklands opened in April 2013 and the spokesman said: "Occupancy levels and room rates have exceeded the expectations in our business plan."

He said: "We are delighted with the strength of accommodation and event bookings for 2015 and optimistic about the future outlook for the business."

The spokesman said that the 187-bedroom Marker "is widely regarded as Dublin's most stylish five-star hotel".

The spokesman was commenting on accounts for the Marker Hotel for 2013 showing that it recorded a loss of €4.32m.

The 2013 loss takes account of non-cash depreciation costs of €1.49m.

The firm, GCS Hotel Property Ltd had bank debt of €12.79m and shareholder debt of €20.2m at the end of 2013.

The firm's accumulated losses increased from €3.5m to €7.9m during 2013. During the same period, the company's cash decreased from €5.77m to €3.88m.

The spokesman said: "The transformation in the Marker Hotel and Residences since their 2011 acquisition has been striking. Having completed the construction and let all 84 apartment units, the Marker Residences were sold last year for €50.1m." 

Irish Independent

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