Malone’s Trinity City Hotel boosts profits by 54%
Trinity City Hotel, one of the Dublin hotels owned by US billionaire John Malone, the Virgin Media and TV3 owner, boosted pre-tax profits 54% to €2.83m last year.
The company’s profits take into account interest charges of €1.97m and a non-cash depreciation charge of €1m.
Staff numbers at the Pearse Street hotel increased from 90 to 95, while staff costs increased from €2.3m to €2.56m. Senior managers were paid €483,219.
At the end of last year the hotel firm, Trinity Leisure Holdings Ltd had accumulated profits of €5.7m and its cash pile had fallen from €2.6m to €1.6m.
In separate accounts, another hotel owned by Mr Malone, posted a 28% increase in profits to €3m.
The Hilton Dublin hotel located on the Grand Canal is one of a number of hotels that Mr Malone purchased in a spending spree at low prices during the slump.
He had bought the Westin Hotel on College Green and the InterContinental in Ballsbridge, as well as the Spencer, Morgan and Beacon hotels. The directors of Charlemont Leisure Investments Ltd trading as Hilton Dublin said it traded well through 2017.
The directors state that they “are confident in the hotel’s prospects”. Staff numbers at the Hilton increased from 92 to 102, while staff costs increased from €2.76m to €3m.
Senior managers received €190,017 in pay. Trinity Leisure Holdings Ltd had accumulated profits of €5.7m. The company’s cashpile reduced from €2.6m to €1.6m.
Its cashpile increased from €3.4m to €4.4m at the end of December.
