Bono’s hotel stays in profit

U2’s four-star boutique hotel, the Clarence, has had “a great year” in 2014 after recording the fourth successive year of profits last year.

Bono’s hotel stays in profit

New figures show that the hotel, based in Dublin’s Temple Bar, last year recorded profits of €57,933.

According to new accounts just filed by the hotel’s Brushfield Ltd, the business reduced its accumulated losses by €57,933, from €2.379m to €2.32m in the 12 months to the end of December last.

The profit last year follows a profit of €73,442 in 2012.

Prior to 2010, the business had incurred significant losses with combined pre-tax losses of €2.64m in 2009 and 2008.

According to the head of marketing and communications at The Clarence, Aileen Galvin, “we’ve had a great year and are continuing to work hard to make 2015 even more successful”.

The boutique hotel was purchased by Bono and The Edge and a consortium of investors in 1992 and the returns show that the hotel’s shareholders have advanced interest free loans to the business and they were owed €769,583 at the end of December last.

The shareholders are listed as Bono and his wife, Ali Hewson, The Edge, along with financier, Derek Quinlan and developer, Paddy McKillen.

However, the returns show that Bono and The Edge no longer serve as directors and have been replaced by businessmen, Liam Cunningham and Ronnie Delaney, who operate the Wagamama brand in Ireland.

Bono, Ali and The Edge retain 50% ownership of the firm with Mr Quinlan and Mr McKillen owning the remainder.

A note attached to the accounts lodged by Brushfield Ltd states that “the company continues to meet its day-to- day working capital requirements by way of loans from its directors/shareholders which are unsecured and interest free”.

The note goes on: “These parties have confirmed that they will not seek repayment of such loans for the foreseeable future.”

The note adds that directors “have confirmed their intention to provide the financial support necessary to enable the company to discharge its liabilities as they fall due and continue its operations for the foreseeable future”.

Bono and The Edge have already invested millions in the hotel.

In 2006, a loan of €8.5m from their company, Lorijudd Investments Ltd to the Clarence was written off.

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