Profits rise to €1m at Radisson Blu Dublin
Pre-tax profits at the firm which operates the four-star Radisson Blu hotel off South Great George's Street in Dublin increased almost fourfold to €1.02m last year.
New accounts show that the company, Luxor Leisure Ltd, enjoyed the sharp increase in pre-tax profits to €1.02m in spite of gross profits declining by 2pc from €12.08m to €11.84m in the 12 months to the end of October last.
Luxor Leisure Ltd is owned by Galway building group JJ Rhatigan and the Luxor company in 2016 ended its management agreement with Radisson Blu operator SAS Hotels A/S Denmark for the hotel at Golden Lane in Dublin.
The ending of the management agreement on June 1, 2016, cost Luxor Investments Ltd €1.2m in a termination fee.
In its place, Luxor now has a franchise agreement with the Radisson Blu operator.
The €1.2m cost did not reoccur last year for Luxor contributing to the 294pc increase in profits in 2017.
Last year, the hotel secured planning permission for a nine-storey extension that includes 103 additional bedrooms that will bring the total number of rooms at the hotel to 255.
The profit last year takes account of €3.39m in lease payments and non-cash depreciation costs of €195,143. The hotel building is owned by another JJ Rhatigan firm, Luxor Investments Ltd.
The company's accumulated profits last year increased from €4.7m to €5.6m with the cash pile increasing from €3.66m to €4.05m. Numbers employed increased from 114 to 120 with staff costs increasing from €2.8877m to €2.933m.