Shelbourne Hotel narrows pre-tax losses to €70k
However, that marks a narrowing of its losses, which had stood at €93,387 as of the end of 2015.
Newly-filed accounts for Torriam Hotel Operating Company, which is a subsidiary of international hotel operator Marriott, also show that the Shelbourne’s operating profits rose marginally to €47,200 last year, while revenues increased 10% to €14.68m.
Torriam’s revenues are made up of management fees and payroll services.
Torriam’s revenues are made up of management fees and payroll services. The company’s accumulated losses stood at €12.19m at the end of last year.
The company employed 540 people last year, with staff costs increasing from €13m to €14.37m.
Directors’ pay went up from €397,503 to €430,258.
Torriam had net liabilities totalling €9.7m at the end of last year and a note attached to the accounts states that the hotel’s ultimate parent has confirmed that it will continue to support the business as and when required to enable it to meet its commitments.
In January 2014, property investment firm Kennedy Wilson Europe secured control of the 265 bedroom Shelbourne after acquiring its debt for $152m. At the time, Kennedy Wilson said that the “iconic asset” had “significant value-enhancement potential”.
