Exceptional costs resulted in losses at the group that operates the Gresham Hotel in Dublin and the Metropole Hotel in Cork, totalling over €18.5 million in 2010, new figures show.
Accounts just filed by Precinct Investments Ltd show that revenues at the group declined from €20.3 million to €17.1 million in the 12 months to the end of December 2010.
The group operates the four-star Gresham Hotel and the three-star Metropole Hotel. It sold its UK hotel, the Park Inn, at Hyde Park in London during 2010, which contributed to the decrease in revenues.
The directors confirm that the group’s bank loans – totalling €116.3 million – were transferred to the National Asset Management Agency (Nama) during 2010.
According to the directors’ report, the group reported an operating profit of €1 million in 2010 before non-recurring and exceptional items, depreciation, finance costs and taxation.
The directors of the group are Dublin businessman, Bryan Cullen Patrick Coyle, John Delaney and Stanley Watson.