Ci­ty­west Ho­tel owner prof­its fall de­spite rev­enue rise

Irish Independent - Business Week - - FRONT PAGE - Gor­don Dee­gan

OP­ER­AT­ING prof­its at the com­pany which runs the coun­try’s largest ho­tel – the Ci­ty­west – last year de­clined by 42.5pc to €528,649.

The drop in op­er­at­ing prof­its at Cape Wrath Ltd comes in spite of rev­enues at the ho­tel com­pany in­creas­ing by 11.5pc go­ing from €25.33m to €28.23m.

Num­bers em­ployed last year re­mained static at 330 with staff costs of €9.3m.

The main rea­son be­hind the drop in op­er­at­ing prof­its was the com­pany’s non­cash de­pre­ci­a­tion costs more than dou­bling, go­ing from €1m to €2.3m.

The firm recorded a pre-tax loss of €145,052 af­ter in­ter­est costs of €677,803 are taken into ac­count.

Op­er­at­ing lease costs to a re­lated en­tity re­duced from €2.42m to €2.22m.

Ac­cord­ing to the di­rec­tors’ re­port, they con­sider the trad­ing per­for­mance for the year to be sat­is­fac­tory.

Ci­ty­west to­day re­mains Ire­land’s largest ho­tel with 764 rooms and forms part of the Te­trarch Cap­i­tal port­fo­lio of ho­tels.

The ho­tel group also op­er­ates the Marker Ho­tel in Dublin, the Pow­er­scourt ho­tel in Co Wick­low and Mount Juliet re­sort in Co Kilkenny.

Ci­ty­west fea­tures 30 dif­fer­ent meet­ing and/or event venues, a con­ven­tion cen­tre which can hold up to 8,000 peo­ple and an 18-hole, par-70 cham­pi­onship golf course.

Since Te­trarch Cap­i­tal’s in­volve­ment be­gan in 2014, the ho­tel has un­der­gone an €11m in­vest­ment pro­gramme, up­grad­ing gue­strooms and com­mon ar­eas, in­clud­ing the lobby, bar, restau­rant and re­cep­tion ar­eas.

Break­down of the num­bers em­ployed show that 301 were en­gaged in the ho­tel; 18 in leisure and 11 in golf.

Pay to key man­age­ment per­son­nel, to­talled €316,197.

The Ci­ty­west ho­tel has 764 rooms

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.