Two top Dublin hotels check in profits of €7.6m
Two of Dublin's best-known hotels have posted supercharged profits as the capital continues to benefit from strong economic growth and tourist numbers.
Pre-tax profits at the company behind the five-star Fitzwilliam Hotel hit €4.3m last year, which was virtually flat on the figure for 2017.
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It is owned by businessman Michael Holland.
The Mespil Hotel, owned by the Kidney family, posted a pre-tax profit of €3.3m in the 12 months to the end of last September, also unchanged over the previous financial year. Its revenue was up 8.4pc at €11.6m. Both hotels have undergone either refurbishments or extensions during the past couple of years.
Accounts for the four-star Mespil show that almost €3.7m was invested in the property during its last financial year.
That saw the complete refurbishment of 110 superior executive rooms and the construction of a new entrance.
The directors of the hotel firm noted that administrative costs rose 12pc to €7.1m in the last financial year, "reflecting the increased costs in offering an enhanced customer experience".
The company behind the hotel also paid a €2m dividend to its parent firm, the Sligo Park Hotel, also owned by the Kidney family. Sligo Park made an operating profit of €538,000 in the last financial year, but a €5.5m pre-tax profit after taking account of €5m of income from shares in group undertakings.
Accounts for Ampleforth, the company behind the Fitzwilliam, show turnover rose 9.6pc last year to €16.5m, helped by tourist numbers and the corporate market.
Ampleforth had reported a pre-tax profit in 2017 of €14.7m after it recorded a €10.4m gain from the sale of its Irish Welcome Tours arm to Mayfair Equity Partners.
The valuation placed on the five-star Fitzwilliam on St Stephen's Green has increased sharply in recent years as the country emerged from the downturn.
The latest set of accounts show that CBRE valued the hotel at just under €80m in April 2018.