Merrion Hotel co-owner sees 9% jump in profits

Pre-tax profits at the hotel group that co-owns the luxury five-star Merrion Hotel, in Dublin, increased 9% last year to £2.19m (€3m).

The increase in profits at the Northern Ireland-based Hastings Hotels Group came as the group increased its revenues by 1.35%, from £39.24m to £39.77m in the 12 months to the end of last October.

The figures show that the Merrion Hotel outperformed the group last year, with the group’s joint venture share of the Merrion’s operating profit increasing by 13.5% from £555,170 to £630,101.

Hastings owns 50% of the Merrion and its revenues from that interest last year increased by 1% from £7.19m to £7.26m.

During 2014, Oscar-winning Hollywood actor Russell Crowe was one of the many celebrities to boost the coffers of the Merrion, which also last year secured planning permission from Bord Pleanála for a major extension.

The Hastings Group owns its share of the Merrion hotel through its 50% shareholding in Landmark Investment Co Ltd.

The remaining 50% of the the Merrion is owned by businessman and ESB chairman, Lochlann Quinn and billionaire, Martin Naughton who owns appliance firm Glen Dimplex.

The Hastings Group’s portfolio of hotels includes the landmark Europa Hotel in Belfast and the luxury Culloden Hotel on the outskirts of the city.

The directors state that the external commercial environment is expected to remain competitive in 2015. Numbers employed by the group last year rose from 1,100 to 1,114.

The group paid an interim dividend last year of £405,772 following a dividend payout of £386,453 in 2013.

The figures also show the group’s operating profit last year rose 5% from £2.77m to £2.92m.


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