Revenues plunge 57% at Radisson Blu hotel due to Covid-19 hit

Company records pretax loss of €2.93m in contrast to profit in previous year

Numbers employed by the hotel last year declined from 150 to 55 with staff costs declining from €3.37m to €1.94m. File photograph: Getty

Numbers employed by the hotel last year declined from 150 to 55 with staff costs declining from €3.37m to €1.94m. File photograph: Getty

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Revenues at the operator of the Radisson Blu hotel off South Great George’s Street in Dublin city centre more than halved last year due to the impact of the Covid-19 pandemic.

Accounts filed by Rhatigan group-owned Luxor Leisure Ltd show that revenues fell by 57 per cent, from €12.3 million to €5.24 million in the 12 months to the end of October last.

The company recorded a pre-tax loss of €2.93 million compared to a pretax profit of €1.15 million in the prior year, a negative swing of €4 million.

Highlighting the Covid-19 impact, the accounts show that revenues from accommodation more than halved from €8.39 million to €3.29 million with revenues from food falling from €2.2 million to €890,980.

Conference revenues reduced from €822,557 to €356,189.

The loss last year takes account of non-cash depreciation costs of €856,356 and lease payments of €3 million to a connected entity, Luxor Investments . 

The accounts warn that the company continues to be exposed to the effects of the pandemic .

Figures published by the Revenue show that Luxor Leisure – like operators industry wide – availed of virus wage-subsidy scheme payments.

Numbers employed by the hotel last year declined from 150 to 55 with staff costs down from €3.37 million to €1.94 million.

The firm operates a franchise Radisson Blu agreement which runs for 25 years with Rezidor Hotels.  

In 2019, the company invested about €2.5 million in the ground floor of the hotel, including upgrading of the bar, restaurant and foyer areas. 

At the end of October last, shareholder funds at Rhatigan investment property firm Luxor Leisure totalled €37.6 million as the company’s cash funds increased from €144,311 to €1.2 million. 

The book value of investment properties owned by Luxor Investment in 2019 remained at €112 million. It recorded pretax profits of €16.68 million as revenues totalled €30.5 million.

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