A trebling of non-cash depreciation costs to €1m and a similar scale increase in operating lease costs to a related entity led to the hotel’s drop in profits. However, its revenues rose 11% to €25.33m, according to newly-filed accounts for operating company Cape Wrath Hotel Ltd.
Post-tax profits amounted to €218,066 after the company paid €98,568 in corporation tax. Brehon Capital has since rebranded as Tetrarch Capital. It paid €29m for the Citywest in 2014 and it remains Ireland’s largest hotel with 789 rooms. The company also owns the Marker Hotel in Dublin, the Powerscourt Hotel in Wicklow and Mount Juliet in Kilkenny.
The Citywest employed 330 people last year with staff costs rising from €7.95m to €8.66m. Pay to senior management totalled €375,777 last year, down from €421,299 the previous year.
Earlier this year, the Citywest had a planning blow when Bord Pleanála refused planning permission to allow the venue to stage concerts. This followed an appeal by a subsidiary of 3Arena owner Live Nation against the decision to grant.
In its ruling, Bord Pleanála said the “use of this edge- of-city site for public concerts is highly inconsistent with the overall character of the area which is typically residential, including local amenities and uses such as schools and convenience retail”.