Merrion co-owners hit by 18% drop in profits

The hotel group that co-owns the luxury five-star Merrion Hotel in Dublin last year sustained an 18% drop in pre-tax profits to £2m (€2.43m).

The decline in profits at the Northern Ireland-based Hastings Hotels Group came despite the group increasing its revenues by 4% from £37.59m to £39.2m in the 12 months to the end of October 31 last.

The figures show that the Merrion Hotel outperformed the group last year with the group’s joint venture share of the Merrion’s operating profit increasing marginally from £537,304 to £555,170.