The Marker Hotel in Dublin sustained a €16 million or 76 per cent hit to revenues during the early phases of the Covid-19 pandemic.
Accounts for GCS Hotels Ltd, which owns the five-star hotel in the Docklands area, show that plummeting revenues contributed to the firm recording a pre-tax loss of €5.4 million in the 12 months to the end of December 2020.
This followed the hotel company recording a pre-tax profit of €4.78 million in 2019 – a negative swing of €10.18 million over the two years.
The firm’s pre-Covid revenues in 2019 totalled €21 million and revenues in 2020 totalled €5 million brought about by Covid-19 enforced closures.
On the 2020 performance the directors said they were satisfied with the performance during the year.
The pandemic from the first quarter of 2020 occurred only months after German global real estate investment group Deka Immobilien closed a deal to purchase the 187-room Marker Hotel for about €130 million from Midwest Holding AG, and an investor group led by Kevin McGillycuddy's Brehon Capital Partners.
Under the new ownership, the property now operates under the Anantara Hotels, Resorts & Spas brand.
The hotel firm in 2020 recorded a post tax loss of €4.71 million after recording a corporate tax gain of €730,197.
The company took Government Covid-19 wage subsidy payments of €491,694 in 2020.
The loss takes account of non-cash depreciation costs of €226,281.
Employee numbers have since rebounded with the easing of Covid-19 restrictions but in 2020 numbers employed reduced from 199 to 99.
Staff costs reduced from €6.68 million to €3.34 million. Directors’ emoluments reduced from €224,543 to €190,135.
Radisson Blu
Separate accounts for another well-known Dublin hotel, the Radisson Blu on Golden Lane in Dublin 8, show that the business recorded pre-tax losses of €1.73 million in the 12 months to the end of October last.
New accounts filed by the Galway-headquartered Rhatigan group owned by Luxor Leisure Ltd show that the pre-tax loss was a 41 per cent decrease on the €2.93 million pre-tax loss recorded in 2020. Revenues at the business last year increased from €5.24 million to €5.4 million.
Pre-Covid revenues totalled €12.3 million in 2019. Numbers at the hotel firm further reduced from 55 to 46 last year as staff costs totalled €1.7 million.
The firm paid €3 million in operating lease costs to a connected firm last year. The loss last year also takes account of €795,556.
