Revenues at the five-star Merrion Hotel in Dublin increased last year, buoyed by rising occupancy and room rates.
Recently filed accounts show the hotel’s turnover increased by almost 6 per cent to €22.7 million. Income from the hotel’s 123 guest rooms and 19 suites improved by 6.8 per cent to €14.97 million while its restaurants and leisure centre also saw improved sales.
But as turnover increased, so too did the cost of sales, up 12 per cent to €12.4 million – the bulk of which was attributable to the hotel’s €7.8 million staff costs as the number of employees rose from 283 to 295.
The accounts for Hotel Merrion Limited show profit before tax dipped 6.5 per cent to €3.2 million in the year to the end of October 2017.
The hotel, which last year celebrated its 20th year in business, launched a new restaurant in October. The Garden Room replaced the Cellar Restaurant as a 100-seater all-day dining option.
“The hotel had a good year with revenues, room rates and occupancy being at their highest levels reflecting a strong performance in the Dublin market. The near-term outlook remains strong and we believe that we can maintain revenues and profitability,” the directors said.
Shareholders
Shareholders in the luxury hotel include Northern Ireland's Hastings Hotel Group, which holds 50 per cent of the company, businessman Lochlann Quinn and Glen Dimplex founder Martin Naughton, who both hold 25 per cent of the company.
At the end of the year Mr Naughton was owed €66,500 while Mr Quinn was owed €68,658.
In their report, the directors paid tribute to William Hastings, the founder of the Hastings Hotel Group, who died last December at the age of 89.
“Bill played a major part in the development of the Merrion Hotel – from the initial concept and design through to its completion and establishment as one of Dublin’s premier hotels. His imagination, enthusiasm and intelligence will be sorely missed.”
