Pre-tax losses triple at Shelbourne firm

Pre-tax losses at the company that manages the five-star Renaissance Shelbourne hotel last year almost tripled, to €301,122.

Accounts just filed with the Companies Office by Torriam Hotel Operating Company Ltd show the firm's pre-tax losses increased from €104,282 to €301,122, despite revenues rising from €9.416 million to €9.964 million in 2012.

A subsidiary of international hotel giant, Marriott International, Torriam's revenues are made up of management fees and payroll services.

The chief factor behind the increased loss was net bank interest payments increasing from €190,796 to €285,364.

The figures show that the firm recorded an operating loss of €15,758 last year following an operating profit of €85,514 in 2011.

Numbers employed at the hotel last year increased from 357 to 384, with staff costs last year increasing from €9.3 million to €9.9 million.

Directors’ remuneration was down from €185,250 to €162,868.

The loss last year increased the company’s accumulated losses to €11.78 million.

The company that owns the hotel, Shelbourne Hotel Holdings Ltd, had accumulated losses totalling €211.9 million at the end of 2011 that included a €155 million write-down in the value of the property.