Dublin’s five-star Merrion Hotel reported a record revenue increase of 17pc to €31.27m, with operating profits rising by 2pc to €5.14m for the financial year ending in October 2023, driven by strong international leisure business and high occupancy rates.
The hotel, popular among celebrities, saw accommodation revenues grow by 23pc and food and beverage revenues increase by 11pc.
Despite the revenue growth, rising interest rates led to a 4pc dip in pre-tax profits from €4.42m to €4.24m, mainly due to a significant increase in loan interest and a non-cash write-down on investment property.
The Merrion Hotel maintained a strong cash position, generating €6.69m from operating activities, while staff costs rose by 38pc as employment increased from 355 to 367 employees.
