‘Shelbourne’ TV stars usher managing firm back to profit

The stars of the RTÉ show The Shelbourne last year helped the company that manages the five-star Dublin hotel return to profit.

‘Shelbourne’ TV stars usher managing firm back to profit

Hotel staff at all levels including VIP managers, concierges, doormen, executive chefs and cleaning staff all appeared during the six-part documentary, The Shelbourne over the summer.

Now, accounts show that the company that manages the Renaissance Shelbourne hotel returned to profit with operating profits of €32,781 following an operating loss of €15,758 in 2012.

Accounts just filed with the Companies Office by management firm, Torriam Hotel Operating Company Ltd show the return to profit followed revenues going up by €1.4m from €9.96m to €11.37m in the 12 months to the end of December 31 last.

A subsidiary of international hotel giant, Marriott International, Torriam’s revenues are made up of management fees and payroll services.

The firm recorded a pre-tax loss of €120,099 after incurring interest payments of €130,098.

However, pre-tax losses narrowed by 60% from the €301,102 pre-tax loss recorded in 2012.

The average number of persons employed increased from 384 to 444, resulting in staff costs increasing from €9.89m to €11.32m.

A breakdown of the numbers employed show that catering and housekeeping account for 370, with 41 in management and 33 in administration.

The figures show that directors’ remuneration last year more than doubled, going from €162,868 to €384,157.

According to the directors’ report, “costs for 2013 have increased due to increased activity and related services provided during the year”. The report states: “The directors are pleased with the financial and operating performance of the company for the year.”

The loss of €120,098 last year increased the company’s accumulated losses to €11.9m.

The company had net liabilities totalling €9.4m at the end of last year, and a note attached to the accounts states that the company’s ultimate parent company had confirmed that it would continue to support the company as and when required — to enable it to meet its commitments.

In January of this year, US property investment firm, Kennedy Wilson secured control of the 265-bedroom Shelbourne after acquiring its debt for $152m (€110m).

Businessmen, including Bernard McNamara, Bernard Doyle, Jerry O’Reilly, John Sweeney and the late David Courtney bought the property for €140m in 2004 and spent millions refurbishing it.

More in this section

The Business Hub

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up