Accounts filed by John Graham Holdings Ltd to Companies House show profits fell to £8.18m (€9.1m) as revenues fell by over 4% to £735m in the 12 months to March.

Pre-tax profits at the owner of Belfast’s Europa Hotel and co-owner of Dublin’s Merrion Hotel fell 39% last year despite posting a rise in revenues.

One of the tallest buildings in Ireland is to be turned into a 200 bedroom hotel as part of a £30m redevelopment.