LOSSES AT the Merrion Hotel in Dublin narrowed slightly to just under €570,000 last year, but turnover was down significantly, recently filed accounts show.
Hotel Merrion Ltd posted a pretax loss of €568,640 for the year ended October 31st, 2009, slightly less than the loss of €607,500 posted the previous year.
However, turnover at the luxury hotel was down by 20 per cent on the year, falling to €13.3 million from €16.8 million. This compares to a turnover of €18.53 million recorded by the company in 2007 at the height of Ireland’s boom.
No one was available from the hotel yesterday to comment on the results.
The Merrion Hotel is one of the most exclusive hotels in the city. Located opposite Government Buildings on Upper Merrion Street, it houses the Michelin-starred Restaurant Patrick Guilbaud.
The hotel is controlled by businessman and ESB chairman Lochlann Quinn, Glen Dimplex founder Martin Naughton, and the Hastings Hotel Group, the Northern hotel company controlled by Billy Hastings.
No dividend or emoluments were paid to the directors in the 2009 financial year, the accounts reveal. Directors’ remuneration and other emoluments accounted for almost €300,000 in 2008 and more than €1.5 million the previous year.
According to the auditors’ report attached to the accounts, the accounts were prepared on a going concern basis, and the auditors noted that the company’s net assets were less than half its called-up share capital.
The auditors said the shareholders provided a “letter of comfort” confirming their continued support for the business and stating they will provide sufficient cash to the business.
The hotel had 217 employees in 2009, down from 246 the previous year, according to the accounts.
Retained losses were €572,946, down from €624,147 in the previous year.
With administrative expenses decreasing from €6.9 million to €5.6 million in 2009, the company’s operating loss declined slightly from €580,000 in 2008 to €503,000 last year.
