Pre-tax profits at the company that operated the luxury five star hotel, Powerscourt Hotel in Co Wicklow, that sold last year for around €50 million, decreased by 8 per cent to €1.8 million in 2018.
Last March, hotel group, MHL Collection owned by US billionaire, John Malone purchased the hotel for more than €50 million.
Accounts filed at the Companies Office by the hotel's Sugarloaf Ventures Ltd show that the hotel company recorded pre-tax profits of €1.833 million in 2018 after revenues increased by 2 per cent from €21.27 million to €21.73 million.
Underlining increased business in the company’s final full year operating the business, numbers employed went up from 306 to 329 and staff costs in 2018 increased from €7.7 million to €8.3 million.
The MHL Collection purchased the Enniskerry hotel from Tetrarch Capital and Midwest Holding.
The MHL Collection already includes InterContinental, the Westin in Dublin and Glenlo Abbey in Galway along with a string of well four-star hotels.
The directors for Sugarloaf Ventures confirm that the shareholders agreed to sell the company to Enniskerry Ventures Ltd on March 26th last
The accounts show that the pre-tax profit took account of non-cash depreciation costs of €958,857 and lease costs of €858,647 paid to a connected company.
The company recorded an operating profit of €2.2m and finance costs of €389,234 reduced profits to a pre-tax profit of €1.83 million.
At the end of 2018, the company had a shareholders' deficit of €1m. The company’s cash funds increased from €2.7 million to €3.5 million.
The hotel’s amenities include 194 guest rooms, including 93 suites and a 30,000 square foot spa with 20 treatment rooms, two championship golf courses, a traditional Irish pub and facilities for events, conferences and weddings.
The hotel’s former owner, Tetrarch also operates the Citywest hotel in Dublin.
The Powerscourt hotel was built by Johnny Ronan and Richard Barrett and completed in 2007.
However, after the property crash, the business entered examinership in 2012 and was sold the following year for a knock down price.
