Profits boom at Dublin hotels

Boom time is back with two of the capital’s best-known hotels reporting a sharp increase in profits for last year.

New accounts filed for the firm that operates the five-star Fitzwilliam Hotel on St Stephen’s Green show that its pre-tax profits almost doubled to €4.2m. Revenues climbed by 12% at Ampleforth Ltd — the Fitzwilliam and Bailey pub owner — from €32.72m to €36.58m in 2015.

Accounts for Luxor Leisure Ltd which operates the four-star Radisson hotel off South Great George’s St, Dublin, show its pre-tax profits surged seven-fold to €5.5m in the 14 months to the end of October.

A rent rebate of €4m had boosted profits. However, operating profits at the hotel increased by 62% to €1.345m, while gross profits rose by €3m to €12.19m.

Ampleforth Ltd directors said that they were satisfied with the performance of both the Fitzwilliam and the Bailey.

“The group will continue to concentrate on its core activity of hospitality- related services. The directors are actively seeking new opportunities in this regard,” according to the directors’ report.

The Fitzwilliam Hotel is home to Thornton’s restaurant which is run by celebrity chef Kevin Thornton.

Ampleforth is controlled by low-profile businessman Michael Holland who is also the owner of the Four Star Pizza franchise, which he bought out of examinership in 2011.

Numbers employed by Ampleforth last year rose from 147 to 163 and staff costs totalled €4.99m.

The profit last year takes account of interest payments of €777,781 and non-cash depreciation of €454,188.

Accumulated profits at the end of last year totalled €10.69m.

The accounts for Luxor Leisure confirm that the JJ Rhatigan-owned hotel struck a new licence agreement with the Radisson Group for the operation of the hotel, in June 2016, for the next 25 years.

Staff costs at the firm last year totalled €3.36m. The Radisson Blu is currently seeking to capitalise on the booming hotel business in Dublin.

It is seeking planning permission for a 10-storey hotel extension which will accommodate 103 additional bedrooms.


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