The firm which operates the five-star Merrion Hotel in Dublin recorded pre-tax profits of €4.42 million last year.
New accounts filed by Hotel Merrion Ltd show that the hotel firm returned to pre-tax profit as revenues increased almost three-fold from €9.85 million to €26.78 million in the 12 months to the end of October last year.
Country musician Garth Brooks was among the hotel's guests during the period, staying in the €3,500 per night penthouse suite while in Dublin for his string of Croke Park gigs last September.
The directors stated the hotel "had a strong year with the average rates in excess of pre-Covid levels and occupancy at 80 per cent of those levels".
They added: "Demand for future bookings into 2023 and beyond continues to be strong."
The directors noted that the 2022 financial year began as the hotel was impacted by continuing Covid-19 restrictions. "However, as global travel restrictions eased in early 2022, business levels increased significantly," they added.
The hotel’s accommodation revenues increased from €4.5 million to €16.13 million, while food and Bbverage revenues almost doubled from €4.38 million to €8.59 million.
Leisure centre revenues surged from €273,468 to €717,440, while rental income more than doubled from €228,897 to €595,554. Other income increased from €442,621 to €732,966.
The business recorded an operating profit of €5.04 million and interest payments of €622,198, which resulted in pre-tax profits of €4.42 million, which followed pre-tax losses of €572,573 in 2021.
A note attached to the accounts stated: "The company has also been able to build up a strong cash position with projections showing another strong year for 2023."
The multi-award winning hotel comprises 123 rooms and 19 suites and is co-owned by the Northern Ireland Hastings Hotel group and Martin Naughton.
In December 2020, Lochlann Quinn transferred his 25 per cent shareholding in the business to be divided equally among his six children; Oisin, Conal, Daragh, Lochlann Jnr, Alison and Sarah. However, Mr Quinn remains a director of the business.
The number employed at the hotel last year increased from 336 to 355, with staff costs increasing sharply from €3.12 million to €9.38 million.
A note stated that included in 'wages and salaries' is the Covid-19 Employer Wage Subsidy Scheme (EWSS), which is a credit balance of €2.15 million for 2022 and €4.51 million for 2021.
The account also showed directors' pay increased from €120,000 to €160,000.
The pre-tax profit last year takes account of non-cash depreciation costs of €1.63 million, while the firm's cash funds during the year increased from €2.23 million to €2.61 million.
