Irish Independent

Hotel owners share €7.6m dividend as profits soar

- Gordon Deegan

THE owners of the five-star Merrion hotel in Dublin last year shared a bumper €7.6m dividend payout as profits at the hotel soared.

The luxury hotel last year enjoyed record profits and revenues as it continued to benefit from the boom in the Dublin hospitalit­y sector.

Record room rates at the Merrion sent pre-tax profits increasing by 45pc from to €2.3m to €3.4m.

New accounts for Hotel Merrion Ltd show that the best ever performanc­e by the hotel resulted in the pre-tax profits rising sharply on the back of revenues increasing by 10pc, from €19.6m to €21.5m.

The company paid out a dividend of €102,422 in 2015 and followed this up with a dividend payout last year of €7.66m.

The dividend was shared between Lochlann Quinn and billionair­e Martin Naughton, who each own 25pc of the company, and the Northern-based Hastings Hotel Group which owns the remaining 50pc.

The Merrion, situated opposite Government Buildings, is the hotel of choice for superstar Bruce Springstee­n and a host of Hollywood A-listers when in Dublin. The multi-award winning hotel comprises 123 rooms and 19 suites.

According to the directors’ report, “the hotel had a good year with revenues, room rates and occupancy being at their highest levels reflecting a strong performanc­e by the Dublin market”.

The directors added that “the near term outlook remains strong and we believe we can maintain revenues and profitabil­ity”.

Online advertised room rates at the hotel yesterday ranged from €289 for a ‘Standard Queen’ room to €2,802 per night for the Penthouse Suite.

Numbers employed by the hotel — which houses Ireland’s only two-Michelin star restaurant, Restaurant Patrick Guil- baud — last year fell from 286 to 283 with staff costs increasing from €7.88m to €8.189m.

The figures show that 66 staff are in management and 217 are hotel staff.

The profit last year takes account of non-cash depreciati­on costs of €664,805.

The revenues last year translate into an average revenue per room of €151,671 at the luxury hotel and this average also includes ancillary revenues such as bar and food.

A breakdown of revenues show €14m from accommodat­ion; €6.7m from food and beverage; €695,657 in ‘other income’; and €459,443 from the leisure centre.

 ??  ?? The five-star Merrion Hotel is jointly owned by Lochlan Quinn, billionair­e Martin Naughton and the Northern Ireland-based Hastings Hotel Group
The five-star Merrion Hotel is jointly owned by Lochlan Quinn, billionair­e Martin Naughton and the Northern Ireland-based Hastings Hotel Group

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