Conrad Hotel taps boom to book profit of €2.28m

Pre-tax profits more than doubled at the five-star Conrad Hotel last year to €2.28m.

Benefiting from the boom in tourism, the luxurious Conrad located off St Stephen’s Green, booked the sharp increase in profits as revenues increased by 18% from €12.95m to €15.25m.

Seeking to capitalise further on the massive demand for hotel rooms, the Conrad had recently been refurbished at a cost of €13m over 10 months.

The hotel is subject to a long-term management agreement with Hilton Worldwide under the Conrad properties brand.

No management fee is included in the 2015 accounts.

The new look for the Conrad, which was inspired by Dublin’s literary heritage, consists of new designs for each of its 192-bedrooms and suites and involves a complete transformation of its presidential suite and a new lobby area influenced by the work of Ninian Niven, the landscape designer of the nearby Iveagh Gardens.

The hotel is also home to a new brasserie-style restaurant called the Coburg, as well as a lounge and cocktail bar.

The accounts show the hotel also more than doubled its operating profit to €3m, but interest payments jumped to €716,194.

The profit last year takes account of non-cash depreciation costs of €1m. After paying corporation tax of €120,126, it posted after tax profits of €2.16m.

Staff numbers increased from 160 to 154 in the year, while staff costs jumped from €4.79m to over €5m. 

Shareholder funds at the firm last year totalled €6.4m, including called up share capital of €4.68m and a revaluation reserve of €4.8m, as well as accumulated losses of €3m.

Its cash pile increased from €3.725m to €4.8m. Following last year’s refurbishment, its book value increased from €20.7m to €21.16m. 

No management fee is listed in the latest accounts. 

The accounts for 2014, however, showed the hotel incurred €747,871 in management charges and related fees from Conrad International Corporation that year.

Developer Bernard McNamara had purchased a 45% stake in the hotel at the height of the boom. 

Mr McNamara resigned as a director from the firm in February 2012.

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