Hotel group reveals losses

Exceptional costs resulted in losses at the group that operates the Gresham hotel in Dublin and the Metropole Hotel in Cork totalling over €18.5m in 2010, new figures show.

In accounts just filed by Precinct Investments Ltd, they show that revenues at the group declined from €20.3m to €17.1m during 2010.

The group operates the four-star Gresham hotel and the three-star Metropole Hotel and sold the Park Inn at Hyde Park in London during 2010, contributing to the decrease in revenues.

The directors confirm that the group’s loans — totalling €116.3m — were transferred to Nama in 2010.

According to the directors’ report, the group reported an operating profit of €1m in 2010 before non-recurring and exceptional items, depreciation, finance costs and taxation.

The directors of the group are Bryan Cullen, Patrick Coyle, John Delaney and Stanley Watson.

The group’s net liabilities at the end of Dec 2010 stood at €81.3m, including a €27m shareholder loan.

Numbers employed at the group fell in 2010 from 272 to 211 with staff costs falling from €8.8m to €7.5m.