Pre-tax profits for the group operating the Fitzwilliam Hotel declined by 53pc to €1.88m, despite a 3pc increase in revenues, primarily due to rising wage and bank interest costs.
An extensive capital expenditure program at the Fitzwilliam Hotel and other properties negatively impacted trading due to reduced bedroom availability throughout 2022 and 2023.
Operating profits fell 36% to €2.96m, with interest payments surging 68pc to €1.07m and lease costs rising significantly, contributing to the overall profit decline.
The group’s recent property valuation, conducted in February 2023, placed the market value of their hotel assets at €81.4m, and shareholder funds totalled €74.54m, including €40m in accumulated profits.
