Pre-tax profits at the five star Merrion Hotel in Dublin last year decreased by 17% to €3.53m despite record revenues.
New accounts filed by Hotel Merrion Ltd show that revenues increased by 2% from €31.27m to €31.88m in the 12 months to the end of October last.
Hotel revenues benefited from Dublin enjoying its busiest 12 months in a number of years from night time events including the likes of sell out shows by Taylor Swift at the nearby Aviva Stadium and Coldplay at Croke Park.
In 2024, 256,482 music fans attended concerts at the Aviva.
The directors state that "the 2024 financial year has consolidated growth achieved in the past two years".
They state that "occupancy levels in excess of 81% and average rates on par with the previous year contributed towards the growth in overall business levels".
"Demand for future bookings into 2025 and beyond continue to be strong," the directors add.
The revenues of €31.88m for 2024 follow revenues of €31.27m for 2023 which was previously described by directors as "the strongest to date".
The Merrion Hotel has long been a hotel of choice for a host of Hollywood A-listers and music stars when they arrive in Dublin and a note states that "projections are showing another good year for 2025".
The note states that the company continues to maintain a strong cash position.
The hotel firm's profits declined as its cost of sales rose by 4% from €15.9m to €16.6m while administrative costs increased by 6% from €10.06m to €10.64m.
The company recorded operating profits of €4.62m and interest payments of €1.09m reduced profits to a pre-tax profit of €3.53m.
The firm recorded a post tax profit of €2.89m after incurring a corporation tax charge of €632,403.
Its accommodation revenues last year increased slightly from €19.91m to €19.92m while "Food and Beverage" revenues increased by 6% from €9.56m to €10.12m.
Leisure centre revenues totalled €882,818 while rental income amounted to €445,985. "Other Income" totalled €502,399.
The company generated net cash of €6.11m from its operating activities last year. The firm last year paid off €2m in loans in related party loans and owed €20.89m under that heading at the end October last.
The multi-award winning hotel comprises 123 rooms and 19 suites and is co-owned between the Northern Ireland Hastings Hotel group, Martin Naughton and members of Lochlann Quinn's family.
Advertised room rates on the hotel's website for October 2 range from the cheapest at €595 per night to the Penthouse Suite across two floors at €4,500 per night.
Numbers employed at the business last year increased from 367 to 373 made up of 296 under "hotel staff" and 77 in management.
Staff costs increased by 7% from €12.93m to €13.78m.
Directors' pay remained at the same level at €160,000.
The pre-tax profit last year takes account of non-cash depreciation costs of €1.83m. The firm's cash funds decreased from €2.07m to €3.48m.
Reporting by Gordon Deegan
