Profits at Dublin’s Conrad Hotel fall 22% to €1.78m

Pre-tax profits at the company that operates the five-star Conrad Hotel in Dublin fell by 22% to €1.78m last year.

The new accounts show that Earlsfort Centre Hotel Proprietors Ltd saw gross profit increase from €8.7m to €8.8m.

The hotel last year invested in the business and it said it will continue to do so.

The directors state that the results for the year are considered to be satisfactory.

Staff costs increased from €5m to €5.3m, as the number of workers rose from 164 to 179.

It paid €637,784 in interest payments and it non-cash depreciation costs increased from €1m to €1.49m.

The hotel is under subject to a long-term management agreement with Hilton Worldwide under the Conrad brand.

The company last year paid €1.18m in management fees to Conrad International Corporation, having paid €1m in fees in 2015.

The investment in the hotel in 2015 saw its book value increase from €21m to €25.7m. The healthy profits recorded by Dublin hotels is continuing a flood of planning applications for new properties in the city.

Applications lodged with Dublin City Council in recent days include a proposal for an eight-storey apartment-hotel of 241 rooms on the Tedcastles site at North Wall Quay by TIO North Docks; an application for a 39-bed hotel by Bridlegrand Shamrocks Chambers Ltd on Dame Street-Eustace Street; as well as a 38-bed hotel by Torchglen Ltd on Trinity Street and Andrews Lane.