The hotel group that operates the four-star Clarence Hotel in Dublin’s Temple Bar last year recorded a pre-tax loss of €8.25 million.
Consolidated accounts for Vision Swipe Ltd show that it recorded the loss due mainly to an exceptional cost of €5 million, interest charges of €3.26 million and combined non-cash depreciation and amortisation costs of €2.66 million in 2024.
The group’s revenues increased by 74 per cent from €6.65 million for the prior 11-month period in 2023 to €11.63 million for the 12 months of last year.
In 2024, Lifestyle Hospitality Capital (LHC) purchased a majority stake in the Dean Hotel Group, that included the Clarence, from the Press Up Group.
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The deal came only months after Bono, The Edge and Paddy McKillen Snr sold the Clarence in October 2023 to the Dean Hotel Group.
The deal ended Bono and The Edge’s connection with the hotel after more than three decades of ownership.
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The accounts showed that the exceptional €5 million cost last year concerned the writing off of amounts owed by connected companies.
The principal activity of Vision Swipe is developing properties and operating hotels, while it also acts as a holding company.
In June of this year, Vision Swipe Ltd subsidiary, Keywell DAC secured planning permission to increase the size of the Clarence from 58 to 162 bedrooms and to add an extra floor to the hotel and the adjoining Dollard House.
The spend by Vision Swipe in the hotel expansion comes against the background of Fáilte Ireland recently warning in a planning submission for a different hotel scheme that without timely investment in new hotel capacity, Dublin risks hotel room price inflation, lost economic activity, and diminished competitiveness as a destination.
The accounts show that food and beverage revenues for 2024 totalled €7.35 million while room revenues amounted to €3.74 million. Other revenues were recorded at €537,547.
Numbers employed increased from 119 to 125 with staff costs rising from €1.93 million to €3.82 million. The group’s interest charges increased from €783,026 in 2023 to €3.26 million last year.
At the end of December last, the group had shareholder funds of €18.78 million that included an accumulated loss of €21.9 million offset by a revaluation reserve of €39.98 million.
On October 11th 2023, Vision Swipe Ltd purchased the Clarence owner, Keywell DAC, for €18.07 million and paid an additional €3.98 million to Press Up Group firm and operator of hotel, Brushfield Ltd resulting in a combined €22 million value for the two entities.
