Shelbourne hotel firm halves losses as revenue hits €15m
The company employed to manage the five-star Shelbourne hotel on St Stephen's Green in Dublin last year more than halved its pre-tax losses as revenues topped €15.69m.
New accounts filed by Torriam Hotel Operating Company Ltd show that the company recorded a pre-tax loss of €31,834 as revenues increased by 7pc, going from €14.68m to €15.69m.
Numbers employed at the company last year fell from 540 to 538, with 446 employed in catering and housekeeping; 57 in management and 35 in administration.
Staff costs at the company last year totalled €14.3m and directors' pay, including pension payments, last year declined from €450,784 to €410,271.
Torriam last year recorded an operating profit of €73,734 - a 55pc increase on the €47,200 operating profits recorded in 2016.
The company recorded the pre-tax loss after interest charges of €105,568 were paid out. Separately, pre-tax profits at the Shelbourne hotel company, KW Shelbourne Ops Ltd that retains Torriam to operate and manage the hotel, decreased by 3pc to €3.8m last year.
Increased room rates at the hotel on Dublin's St Stephen's Green resulted in revenues going up by 5pc - from €39.7m to €41.7m for last year.
The directors' report for KW Shelbourne Ops Ltd states they are confident that the strong trading position of the hotel will continue over the medium to long term as the benefits arising from the extensive refurbishment project undertaken by both the company and its landlord continue to be realised.
In 2014, US real estate specialist Kennedy Wilson assumed control of the hotel when it paid €110m for the debts attached to the property.
The accounts show the hotel generated an average revenue of €157,603 for each of its 265 rooms for the year - the hotel has 19 suites and 246 rooms.
Accumulated profits totalled €7.39m.