The Dublin hotel purchased by US billionaire, John Malone for €35.3m in 2013 recorded pre-tax profits of €785,282 in 2014.
The purchase of the Trinity City Hotel on Dublin’s Pearse Street was part of a spending spree by Mr Malone on Irish hotels and new figures show that the purchase is already paying dividends.
Accounts lodged by Trinity Leisure Holdings Ltd show that the firm recorded the pre-tax profits of €785,282 arising from gross profits of €7.92m.
According to the directors’ report: “Trinity City Hotel has traded well in the financial period and has continued to trade well into 2015”.
Mr Malone is the biggest private landowner in the US and also owns the five-star Westin Hotel on Dublin’s Westmoreland St, the Limerick Strand Hotel, and the Inter-Continental Hotel in Ballsbridge.
The accounts show that the firm increased its operating profits more than four fold to €3.134m. However, interest payments totalling €2.34m reduced the firm’s profits.
The company’s loans are made up of a bank loan of €16.45m and a shareholder’s loan of €19.13m.
The 2014 pre-tax profit takes into account non-cash depreciation costs of €874,717.
At the end of 2014, the company had accumulated profits of €786,966.
The firm’s cash more than doubled from €897,395 to €1.88m.
Numbers employed at the hotel increased from 78 to 84 in 2014. Staff costs more than trebled to €2.1m.
In June of last year, An Bord Pleanála gave Mr Malone the go-ahead to construct an extension to the Trinity City Hotel in spite of opposition from An Taisce.
Dublin City Council had given Mr Malone the green light for the 23 bedroom plan in January of last year.
However, this was appealed to An Bord Pleanála by An Taisce and the board in a ruling last June granted planning that will make the hotel a 218 bedroom hotel.
In its formal order, the appeals board stated that development would not detract from the streetscape or adversely affect the character of protected structures or the visual amenities of the area.
The board made the ruling having regard to the pattern of development in the city centre location; the proximity of protected structures and the provisions of the Dublin City Development Plan.
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