Gresham Hotel profits advance almost 20% in 2018
Revenues at Dublin city centre hotel on O’Connell Street ahead by 15% at €20.25m
The Gresham is owned by Spanish hotel group Riu. Photograph: Dave Meehan
Pretax profits at the Spanish-owned Gresham Hotel on Dublin’s O’Connell Street last year increased by 18 per cent to €5.86 million.
The rise came as revenues at the Gresham Hotel Company Ltd went up by 15 per cent from €17.65 million to €20.25 million. Within this, room revenues climbed from €13.68 million to €15.91 million and bar and food sales climbed from from €3.5 million to €3.76 million .
Spain’s Riu Group bought the hotel for €92 million in 2016. The company took out a dividend of €7 million from the business last year and €3 million in 2017.
Accumulated profits at the company at the end of last year totalled €40 million. The company’s cash pile reduced from €3 million to €1.2 million.
The Gresham obtained planning permission last month for an additional 48 rooms, which will involve the conversion of two car park floors into a new extended Lavery Wing.
Staff costs last year increased from €5.67 million to €5.9 million and staff numbers were static at 163.