Operator Of Radisson Blu Hotel Off Of Dublin’s South Great George’s Street Experienced Decrease in Revenues During 12 Month Period That Ended On October 31, 2020

The operator of the Radisson Blu hotel off of Dublin’s South Great George’s Street experienced a decrease in revenues during the 12 month period that ended on October 31, 2020.

As reported by The Irish Times, accounts filed by the Rhatigan group-owned Luxor Leisure Ltd reveal that revenues decreased by 57% from €12.3 million to €5.24 million during the 12 month period, and the company experienced a €2.93 million pre-tax loss, which followed a €1.15 million pretax profit the previous year.

The loss for last year reportedly takes account of €856,356 in non-cash depreciation costs and €3 million in lease payments to a connected entity, Luxor Investments.

 

Additional Statistics

The accounts also reveal that revenues from accommodation decreased from €8.39 million to €3.29 million during the 12 month period; revenues from food decreased from €2.2 million to €890,980; revenues from conferences decreased from €822,557 to €356,189; the number of people employed by the hotel decreased from 150 to 55; staff costs decreased from €3.37 million to €1.94 million; the company’s cash funds increased from €144,311 to €1.2 million; and shareholder funds at Rhatigan investment property firm Luxor Leisure amounted to €37.6 million at the end of the 12 month period.

 

COVID-19 Pandemic Effects

The accounts reportedly warn that the company continues to be exposed to the effects of the COVID-19 pandemic.

Revenue figures published reportedly reveal that Luxor Leisure availed of COVID-19 wage-subsidy scheme payments.

 

Franchise Agreement

The company operates a Radisson Blu franchise agreement that runs for 25 years with Rezidor Hotels.

In 2019, the company invested approximately €2.5 million in the ground floor of the hotel, including a revamp of the bar, restaurant and foyer areas.

 

Luxor Investments

The book value of investment properties owned by Luxor Investments in 2019 reportedly remained at €112 million, and it reportedly recorded pre-tax profits of €16.68 million and revenues of €30.5 million.

Original article by Dave Simpson on hospitalityireland.com

Stay up to date

Latest News

  • Baird/STR Hotel Stock Index Decreased In May, Notes STR
    Baird/STR Hotel Stock Index Decreased In May, Notes STR

    The Baird/STR Hotel Stock Index decreased by 5.8% in May, to a level of 5,584, and it decreased by 2.8%…

    8 July, 2022

  • New Pilot Grant Scheme To Boost Night-Time Economy Launched
    New Pilot Grant Scheme To Boost Night-Time Economy Launched

    Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media Catherine Martin has launched a new pilot grant scheme to help…

    8 July, 2022

  • Three Irish Food Venues Hit The Market
    Three Irish Food Venues Hit The Market

    Three Irish food venues have hit the market.   Properties As listed on Daft.ie, the leasehold interest of a restaurant…

    8 July, 2022

  • New Glamping Accommodation Opens In Co. Wexford
    New Glamping Accommodation Opens In Co. Wexford

    Glamping company Further Space has announced that it has opened a new glamping site in Co. Wexford. Details Six glamping…

    8 July, 2022

  • Dalata Publishes Trading Update For Second Quarter Of 2022
    Dalata Publishes Trading Update For Second Quarter Of 2022

    Dalata Hotel Group plc has published a trading update for the second quarter of 2022. Details According to the trading…

    8 July, 2022

  • No Experience, No Resume, You’re Hired! Hotels Fight For Staff
    No Experience, No Resume, You’re Hired! Hotels Fight For Staff

    Top European hotel chains are hiring workers without experience or even a resume as executives admit years of underpaying staff…

    8 July, 2022

We use cookies in order to give you the best possible experience on our website. By continuing to use this site, you agree to our use of cookies.
Accept
Reject