The operator of the Citywest hotel last year achieved revenues of €16.2m, mainly from its deal to license the hotel to the HSE for the battle against Covid-19.
The hotel today is being used to accommodate Ukrainian refugees after its owners, Tetrarch Capital, signed a two year deal from June 1st this year with Government to house and process the refugees at Citywest.
The 765 bedroom hotel at Saggart in west Dublin is the largest hotel in the country.
But it has been only used as a hotel for paying guests briefly since the pandemic hit in 2020 when Tetrarch signed an initial €21m deal with the HSE to use the hotel as a Covid-19 isolation centre.
A contract extension to continue to use Citywest in the battle against Covid-19 for 2021 was entered into at a materially lower rate.
Now, new accounts show that hotel owner, Tetrarch Capital's Alva Glen Investments Ltd, and subsidiaries last year recorded pre-tax losses of €3.73m and this followed a pre-tax profit in 2020 of €244,496.
However, the 2021 loss at the Citywest operator takes account of combined non-cash depreciation and amortisation costs of €4.3m.
The business recorded an operating loss of €798,801 and interest payments of €2.938m resulted in the pre-tax loss of €3.73m.
The directors state that they consider the loss for 2021 "to be satisfactory".
Hotels across the county were closed for the first five months of 2021 due to Government Covid-19 shutdowns and the directors state that hotel was licensed to the HSE for the entire year "and given the industry backdrop as a result of the Covid-19 pandemic, this was a positive development for the group".
They state that Citywest re-opened as a hotel for a short time in 2022 before entering the deal with the Minister for Children, Equality, Disability, Integration and Youth to accommodate Ukrainian refugees.
The revenues last year were made up of hotel operations €15.85m, land-dealing of €275,000 and rental income of €90,000.
The 2021 revenues of €16.2m are 43% down on the 2020 revenues of €28.22m when the more lucrative HSE Covid-19 deal was in place.
Numbers employed at the group last year declined from 170 to 99 as staff costs halved from €6.28m to €3.11m.
The accounts show that asset management fees of €416,151 and operator fees of €405,813 were recharged from Tetrarch Capital Ltd.
