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.
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