The book value of the one of the country’s best known hotels, the Red Cow Moran Hotel on the outskirts of Dublin has risen by €22.3 million to €48.5 million.
That follows an independent valuation of the property by Savills disclosed in accounts for the hotel which show that the business recorded an operating profit of €532,598 in 2017.
Businessman Tom Moran started off his career in the hotel business with the Red Cow hotel in the 1980s and managed to hold on to his prized asset in 2014 when selling off his nine Moran Bewley's hotels to Dalata for €455 million.
Five members of the Moran family are on the board of the hotel, which has 320 bedrooms.
The Red Cow Moran Hotel firm, Guestford Ltd, has plans to add 128 new bedrooms and convert 13 existing bedrooms into six new conference rooms.
However, the new five-storey plan has been put on hold after a local business, Ryan Wall Covering Ltd, appealed the South Dublin County Council decision to grant prmission to An Bord Pleanála.
The firm operates a business at the Red Cow Business Park and is concerned about ongoing traffic difficulties there.
Consultants for Ryan Wall Covering told South Dublin County Council that the plan for further accommodation “would exacerbate the present situation at the Red Cow business park”.
Hotel revenues
The accounts for 2017 show that the Red Cow Moran Hotel business recorded revenues of €12.4 million.
The business recorded a pretax loss of €256,785 after interest payments of €789,383 are taken into account.
The loss takes account of non-cash amortisation costs of €395,000 and €1.9 million non-cash depreciation cost.
At the end of December 2017, the firm had accumulated profits of €12.7 million. The company’s cash pile reduced from €2.9 million to €1.88 million.
Numbers employed increased from 127 to 181 and staff costs totalled €4.29 million. Directors’ remuneration totalled €395,566.
