Operating profit for Shelbourne Hotel company despite €155m writedown

THE five-star Shelbourne Hotel in Dublin made a pre-tax loss of €156 million in 2008 after the value of the property was written down by €155m.

In spite of the writedown, the company that owns and operates the hotel, Shelbourne Hotel Holdings Ltd (SHHL), made an operating profit in 2008 and the directors state that the company continued to be profitable in 2009 and 2010.

The figures show that the company recorded an operating profit of €3m following an operating loss of €6m in 2007 after revenues increased by 30% from €23.3m to €30.4m to the end of December 2008.