U2’s album soars high but Clarence Hotel suffers vertigo

U2 may be riding high at the top of the music charts but their plush hotel in Dublin city centre is still a long way from recording a profit.

The Clarence Hotel, which the band bought more than a decade ago with Point Depot owner Harry Crosbie, saw its losses reduce by two-thirds to €302,741 in 2003.

Despite its celebrity backers, it has failed to make money for some time and relies on the generosity of its shareholders to stay afloat.

The luxury hotel, which overlooks the south quays in Dublin, is a popular haunt for famous pals of U2 and everyone from David Bowie to Kylie Minogue have stayed there.

During the year Bono gave the hotel nearly €1 million in an interest-free loan, bringing his individual contribution to the hotel to €4.6m. The Edge stumped up almost €900,000 in 2003.

The accounts also reveal that during the year, Adam, Larry, the Edge and Bono have given €10.4m in loans to keep the hotel in business.

The hotel’s auditors said without funding from its owners the hotel would not be in business.

“In addition they have confirmed that they will provide the financial support necessary to enable the company to continue its operations for the coming year,” auditors said.

U2’s collective wealth is estimated at €500 million.