Marker hotel records €2.6m earnings in first full year
The five-star Marker hotel in Dublin is on course this year to significantly out-perform its 2014 performance that delivered earnings of €2.6m.
New accounts filed by the firm that operates the hotel, GCS Hotel Property, show it recorded the Earnings Before Interest Tax Depreciation and Amortisation (EBIDTA) of €2.6m in its first full year of operation. The hotel, and others, are controlled by Tetrarch Capital.
The Marker, on Grand Canal Square in Dublin's Docklands, opened in April 2013. "We were delighted with the first full year of operations," the managing director of Tetrarch Capital, Michael McElligott, said yesterday.
"The number of staff working at The Marker has grown in the past 12 months to a team of approximately 200 people - it is their hard work under the expert hand of general manager Charlie Sheil that is making The Marker such a success."
The firm behind the 187-bedroom hotel recorded operating profits of €616,055 compared to an operating loss of €1.63m in 2013. This followed the firm recording a 63pc jump in gross profit, from €4.2m to €6.88m.
The company recorded a pre-tax loss of €1.5m last year after incurring interest payments of €2.12m and non-cash depreciation costs of €1.53m.
GCS Hotel Property had bank debt of €19.85m and shareholder debt of €10.5m at the end of 2014.
The firm's accumulated losses increased from €7.9m to €9.4m. The firm's cash decreased from €3.88m to €702,747. Tetrarch also operates the Mount Juliet and Powerscourt hotels.