Saturday 17 August 2019

Profits soar at Malone hotels as Dublin market enjoys boom

The Trinity City Hotel, owned by billionaire John Malone
The Trinity City Hotel, owned by billionaire John Malone

Gordon Deegan

Pre-tax profits at one of US billionaire John Malone's Dublin hotels last year jumped by 54pc to €2.83m.

The Hilton Dublin hotel located on the city's south side near the Grand Canal is one of a number of hotels that Mr Malone purchased in a spending spree at bargain prices during the recent recession.

Other hotels that Mr Malone purchased include the five-star Westin hotel on College Green and the five-star InterContinental in Ballsbridge, along with the Trinity City Hotel on Pearse Street.

Accounts for two of the hotels, Hilton Dublin and the Trinity City Hotel show that both are enjoying the benefits of the boom in the Dublin hotel sector.

The accounts for Charlemont Leisure Investments Ltd, trading as Hilton Dublin, show that gross profit increased by 15pc, going from €10.27m to €11.84m.

The directors state that the Hilton Dublin hotel has traded well in the financial year and has continued to trade well into 2017.

The directors state that they "are confident in the hotel's prospects".

Numbers employed by the business last year increased from 92 to 102 with staff costs increasing from €2.76m to €3m. Key management personnel last year received €190,017.

The profit last year takes into account non-cash depreciation costs of €954,094.

At the end of December last, the company had shareholder funds of €24.28m that included accumulated profits of €5.87m.

The company's cash pile increased from €3.4m to €4.4m at the end of December last.

Separate accounts lodged for the Trinity City Hotel, show that pre-tax profits last year increased by 28pc from €2.4m to €3m.

This followed gross profits at the company jumping from €9.69m to €10.5m.

The company's profits take into account interest charges of €1.97m and a non-cash depreciation charge of €1m.

Numbers employed by the hotel last year increased from 90 to 95 and staff costs last year increased from €2.3m to €2.56m.

Key management personnel were paid €483,219.

Irish Independent

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