The five-star Marker hotel in Dublin's docklands sustained a €16m or 76% hit to revenues during the early phases of the Covid-19 pandemic.
That is according to new accounts for GCS Hotels Ltd which show that plummeting revenues contributed to the hotel firm recording a pre-tax loss of €5.4m in the 12 months to the end of December 2020.
This followed the hotel company recording a pre-tax profit of €4.78m in 2019 - a negative swing of €10.18m over the two years.
The firm’s pre-Covid revenues in 2019 totalled €21m and revenues in 2020 came to €5m, brought about by Covid-19 enforced closures.
On the 2020 performance the directors state that they were satisfied with it.
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 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 €4.71m after recording a corporate tax gain of €730,197.
The company received 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..68m to €3.34m. Directors’ emoluments reduced from €224,543 to €190,135.
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 €1.73m in the 12 months to the end of October last.
New accounts filed by the Galway headquartered Rhatigan group owned Luxor Leisure Ltd show that the pre-tax loss was a 41% decrease on the €2.93m pre-tax loss recorded in 2020.
Revenues at the business last year increased from €5.24m to €5.4m.
Pre-Covid revenues totalled €12.3m in 2019. Numbers at the hotel firm further reduced from 55 to 46 last year as staff costs came to €1.7m.
The firm paid €3m in operating lease costs to a connected firm last year. The loss last year also takes account of €795,556.
