Four Seasons firm cuts losses 41%

Pre-tax losses at the firm that operates the five-star Four Seasons hotel in Dublin last year declined by 41% to just under €1.64m.

New figures show that the hotel last year recorded revenues of €19.16m in an 11-month period to the end of September 2013, compared to revenues of €19.26m in the prior 12-month period.

A contributory factor behind the drop in losses was Ballsbridge Hotel Ltd’s interest charges last year reducing from €1.34m to €973,188.

Last month, the Four Seasons hotel confirmed that it will no longer be carrying the name of the luxury hotel group after its owner, London & Regional, parted ways with the Toronto-based chain of the global group.

London & Regional, which is controlled by Ian and Richard Livingstone, acquired Dublin’s Four Seasons in June 2011 for €15m, a figure believed to be about a quarter of what it cost to develop the hotel.

As a result of the mutual agreement to end ties with the Four Seasons brand, the hotel is to operate under a different five-star international brand from January 2015.

The 197-bed luxury hotel was built in 2001 by an 18-member consortium put together by Quinlan Private and known as the Nollaig Partnership.

According to the directors’ report for Ballsbridge Hotel Ltd’s latest accounts: “the company plans to continue its present activities and enhance trading levels.

Employees are kept as fully informed, as practical, about developments within the business”.

The firm’s cost of sales last year decreased from €15.4m to €13.9m.