New accounts filed by the firm that operates the hotel, GCS Hotel Property Ltd, show it recorded earnings before interest tax depreciation and amortisation (EBIDTA) of €2.6m in its first full year of operation.
The hotel, located at Grand Canal Square in Dublin’s Docklands, opened in April 2013. Speaking yesterday, Michael McElligott, managing director of the property’s ultimate owner, Tetrarch Capital, said: “We were delighted with the first full year of operations at the Marker Hotel.”
The firm behind the 187 bedroom Marker recorded operating profits of €616,055 compared to an operating loss of €1.63m in 2013 – a positive swing of €2.24m. The comapny also recorded a 63% jump in gross profit, from €4.2m to €6.88m.
On a pre-tax basis, meanwhile, GCS recorded a loss of €1.5m last year after incurring interest payments of €2.12m and non-cash depreciation costs of €1.53m. GCS had bank debt of €19.85m and shareholder debt of €10.5m at the end of 2014.
The company said it is operating within its banking facilities and shareholders are continuing to support the business.
Last year, the firm’s cash decreased from €3.88m to €702,747.