Citywest profits set to beat last year’s figure

Operating profits at the country’s largest hotel, Citywest, are set to exceed 2013 levels.

That is according to newly-filed accounts for Citywest Resort Ltd, which show that revenues decreased by 3% to €17.27m last year.

Last month property investment group Brehon Capital closed the deal to acquire the Citywest Hotel in Saggart, Co Dublin, for about €29m.

The 789-bedroom hotel was acquired from receiver Martin Ferris, who was appointed in July 2010 by Bank of Scotland (Ireland) to secure their loans on the property. It is believed that the company that owned Citywest, HSS, owed the bank around €180m.

Citywest is the biggest hotel in the country, having been developed by the late businessman, Jim Mansfield. It has large conferencing facilities, golf courses and substantial car parking.

The hotel has been operated by Dalata, the publicly-quoted hotel group run by Pat McCann while under receivership, and Dalata recently signed an extension of its agreement to operate the hotel until January with Brehon.

The accounts for Citywest Resort Ltd show that it paid rent last year of €1.35m to Mr Ferris, up from €1.23m in 2012.

After the rent payments, Citywest recorded a nominal pre-tax profit of €2,000 in 2013.

This followed a pre-tax profit of €1,000 in 2012.


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