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.