Takeover costs increase Dublin's Westin Hotel losses by 19%

Costs associated with the €65m sale of the five-star Westin Hotel in Dublin last year contributed to pre-tax losses increasing by 19% to just over €3.1m.

The hotel was acquired by US communications billionaire John Malone last year, as part of his purchasing of high-profile Irish hotels.

The final set of accounts for previous owners Westin Hotels Ireland Ltd show that arising from the discontinuing of operations, the firm incurred a €3.5m impairment on assets but enjoyed a €2.3m credit from the release of deferred operating lease provision.

This, along with legal and consultancy costs of €87,960 relating to the sale, resulted in a net exceptional cost of €1.28m.

The business was sold in August of last year and as a result of the shorter operating period, revenues were down by 40% to €8.3m.

The average number of staff employed last year reduced from 132 to 79 comprising 63 in operations, 13 in administration and three in sales and marketing.

Staff costs at the hotel last year reduced from €5.3m to €3.1m.