€15m revamp hits Shelbourne profits
A €15.7m refurbishment project in 2017 at Dublin’s Shelbourne Hotel contributed to pre-tax profits at the hotel firm last year dipping 3pc to €3.8m.
However, increased room rates at the hotel on Dublin’s St Stephen’s Green resulted in revenues going up by 5pc – from €39.7m to €41.7m for last year.
According to the directors’ report for KW Shelbourne Ops Ltd, they are pleased to report increased revenues for the year.
They state that they are confident that the strong trading position of the hotel will continue over the medium- to long-term as the benefits arising from the extensive refurbishment project undertaken by both the company and its landlord continue to be realised.
The company enjoyed post tax profits of €3.32m.
In 2014, US real estate specialists, Kennedy Wilson assumed control of one of the country’s best known five-star hotels, when it paid €110m for the debts attached to the property.
The revenues show that the hotel generated revenues of €157,603 for each of its 265 rooms for the year – the hotel has 19 suites and 246 rooms.
The hotel continues to be a favourite of Hollywood A-listers and the directors state: “Greater demand for the hotel’s five-star product drove an increase in room prices.”
Accumulated profits at the end of last year total €7.39m. The company’s cash pile increased from €6.46m to €7.26m.
A separate firm, Torriam Hotel Operating Company Ltd has a contract to run the hotel, and last year the numbers it employed at the hotel increased from 526 to 540.
Midweek rooms at the hotel in August start from €337 per night per room, ranging up to €1,350 per night for a heritage suite.