Hospitality Ireland Presents Round-Up Of Island Of Ireland Hotel And Accommodation Industry News

Hospitality Ireland presents a round-up of island of Ireland hotel and accommodation industry news.

Revenues Decreased At Doonbeg Golf Resort Last Year

As reported by The Irish Times, the Donald Trump-owned Doonbeg golf resort saw revenues decrease by €8.23 million (68.6%) last year from €12 million to €3.76 million.

New accounts for the company behind Trump’s business in Doonbeg in Co. Clare reportedly reveal pre-tax losses more than doubled in 2020 to €3.59 million, as COVID-19 restrictions impacted on the business.

The pre-tax loss last year reportedly follows a loss of €1.37 million in 2019. It reportedly takes account of hefty non-cash depreciation and amortisation charges of €1.6 million.

The business reportedly lost more than half its workforce in 2020 as numbers employed reportedly decreased from 230 to 112, with staff costs reportedly falling to €3.5 million from €6.5 million. The company reportedly received €496,565 in government wage support schemes.

The former US president’s sons, Eric and Donald jnr, are reportedly among the company’s directors. They reportedly said that while the resort’s closure due to pandemic restrictions had “a direct impact on the group’s results for 2020”, the business had “returned to pre-COVID-19 levels of trading” since it reopened in June.

The directors reportedly said that they were confident the business could achieve its budgeted results for the remainder of this period and return to normal trading conditions in the near future.

They reportedly said that the company was in the process of upgrading facilities at the resort and reportedly expect “this will enhance the customer experience and have a positive impact on the company and group’s trading results”.

The Trump Organisation has reportedly ploughed more than €40 million, including the purchase price, into the resort since it came under its ownership in February 2014. The latest accounts reportedly reveal that a further €1.5 million was invested last year. This reportedly followed a capital contribution of €1.8 million in 2019.

Airbnb Irish Staff Get Over $55m In Share-Based Pay

As also reported by The Irish Times, staff at an Irish unit of Airbnb last year enjoyed a pay bonanza following a share-based payment of $55.46 million (€48.94 million).

Reportedly according to accounts lodged with the Companies Office, staff at Airbnb Ireland last year shared total pay of $98.6 million. That reportedly comprised salary of $43.14 million and share-based payments of $55.46 million, reportedly equating to average pay of approximately $200,000 (€177,000) per employee for the year. Employee numbers reportedly decreased from 498 to 444 over the course of the year.

The share-based payments reportedly contributed to overall remuneration, reportedly more than doubling last year from $39.36 million in 2019.

Airbnb has its headquarters for its Europe, the Middle East and Africa operations in Dublin. The large hikes in pay for customer support, administration and marketing staff at Airbnb Ireland reportedly came even as revenues decreased by 385, or by $1.1 billion, to $1.79 billion.

The Dublin-based company reportedly operates the online marketplace for Airbnb outside the US, China and a portion of Japan.

The accounts reportedly noted that in early 2020, as COVID-19 disrupted travel around the world, Airbnb’s business declined significantly. “But within a couple of months, the business model started to rebound even with limited international travel,” the accounts reportedly said, and, “Notwithstanding this rebound, the COVID-19 pandemic continues to materially and adversely impact our turnover and financial results for 2021.”

The firm reportedly recorded a pre-tax loss of $3 billion. This reportedly arose mainly from a non-cash writedown of $2.57 billion related to intellectual property. The losses reportedly also take account of combined non-cash amortisation and depreciation costs of $422 million.

Airbnb Ireland reportedly sold its intellectual property rights in relation to the EMEA and Asia Pacific regions during the year to its parent, Airbnb Global Holdings, for $3.6 billion.

The directors reportedly state that following the sale and distribution of the intellectual property during the year, the company transitioned to a limited risk distributor model and is remunerated accordingly.

Directors’ pay last year reportedly increased almost threefold to $2.6 million, reportedly including pay of $622,000, benefits under a long-term incentive scheme of $1.98 million and pension contributions of $16,000.

Cassidy Hotel Group Acquires Dublin’s Barry’s Hotel

As once again reported by The Irish Times, former Fianna Fáil senator Donie Cassidy’s Cassidy Hotel Group has acquired Barry’s Hotel in Dublin city centre for approximately €8 million.

While the hotel will be familiar to generations of Dubliners and visitors alike, for Cassidy it is reportedly a case of renewing his direct association with the property, which for many years, had reportedly formed part of his Dublin hotel portfolio, and reportedly served as the venue for what became known as “nurses’ dances”.

The sale of the Great Denmark Street landmark is reportedly understood to have delivered a significant return for its vendor, a private investor. The hotel was reportedly last sold in 2013 for approximately €1 million.

Reportedly built originally at Lord Tullamore’s Townhouse in 1780, the property was reportedly converted into a hotel in 1889, and has reportedly continued to trade as one ever since.

Barry’s Hotel has reportedly had an eventful history, reportedly including its part in both the 1916 Rising and the War of Independence. In the dance and cabaret era of the 1950s until the 1980s, its ballroom reportedly hosted Irish showbands, country dances and numerous international performers including Donovan, members of The Rolling Stones and U2. The hotel is reportedly well-known to GAA fans due to to its close proximity to Croke Park.

While the townhouse reportedly premises has 33 guestrooms currently, there is reportedly existing planning permission to develop a 32-room extension to the rear of the property.

The Cassidy Hotel Group was reportedly advised on the purchase of Barry’s Hotel by CBRE, while JLL reportedly advised the vendor. Both agents reportedly declined to comment on the deal when contacted by The Irish Times.

 

 

Original article by Dave Simpson on hospitalityireland.com

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