Marker Hotel owners upbeat despite €4.3m loss

The operators of the five-star Marker Hotel in Dublin confirmed yesterday that the business enjoyed strong revenue growth in 2014.

Marker Hotel owners upbeat despite €4.3m loss

A spokesman for the hotel’s owners, Tetrarch Capital said revenues at the hotel were up more than 10% on a like- for-like basis.

The hotel, located at Grand Canal Square in Dublin’s Docklands, opened in April 2013 and the spokesman said: “Occupancy levels and room rates have exceeded the expectations in our business plan.”

He said: “We are delighted with the strength of accommodation and event bookings for 2015 and optimistic about the future outlook for the business.”

The spokesman said that the 187-bedroom Marker “is widely regarded as Dublin’s most stylish five-star hotel”.

The spokesman was commenting on accounts for the Marker Hotel for 2013 showing that it recorded a loss of €4.32m.

The loss in 2013 takes account of non-cash depreciation costs of €1.49m.

The firm, GCS Hotel Property Ltd had bank debt of €12.79m and shareholder debt of €20.2m at the end of 2013.

A note states: “The company is operating within their banking facilities. The shareholders have confirmed their continued support to the company for the foreseeable future and on the basis of the foregoing, the directors consider it appropriate to prepare the financial statements on the going concern basis.”

The firm’s accumulated losses increased from €3.5m to €7.9m during 2013.

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