Merrion Hotel owner sees profits soar

The hotel group that co-owns the luxury 5-star Merrion hotel in Dublin last year increased its pre-tax profits more than threefold to £2.4m (€2.923m).

This followed revenues at the Northern Ireland-based Hastings Hotels Group increasing by 7% from £35.1m to £37.5m in the 12 months to the end of October last.

Underlining the continued growth in business at the Merrion, the group’s share of its profit from its joint venture in the hotel increased by 58% from £338,456 to £537,304 last year.

The group’s revenues from its Merrion interest last year declined marginally from £6.649m to £6.628m.

The group owns its share of the Merrion hotel through its 50% shareholding in Landmark Investment Co Ltd.

The group has provided unsecured interest free loans totalling £9.9m to Landmark Investment Co Ltd.

The remaining 50% is owned by businessmen, Lochlann Quinn and Martin Naughton.

The Hastings Group portfolio of hotels includes the landmark Europa hotel in Belfast and the luxury Culloden Hotel on the outskirts of Belfast.

According to the directors’ report “the out-turn for the year is satisfactory given difficult economic conditions which created a difficult trading environment throughout the financial year.”

The group paid aninterim dividend last year of £368,053 following a pay out of £276,040 in 2011.

The group’s operating profit last year almost doubled from £1.6m to £3.2m.

Emoluments to directors last year increased from £952,215 to £971,425, according to the report.