The hotel group which operates the four star Clarence Hotel in Dublin's Temple Bar last year recorded a pre-tax loss of €8.25m.
New consolidated accounts for Vision Swipe Ltd show that the group recorded the loss due mainly to an exceptional cost of €5m, interest charges of €3.26m and combined non-cash depreciation and amortisation costs of €2.66m in 2024.
The group’s revenues increased by 74% from €6.65m for the prior 11 month period in 2023 to €11.63m for the 12 months of 2024.
In 2024, Lifestyle Hospitality Capital (LHC) purchased a majority stake in the Dean Hotel Group, that included the boutique Clarence Hotel, from the Press Up Group.
The deal came only months after Bono, The Edge and Paddy McKillen Snr sold the Clarence hotel in October 2023 to the Dean Hotel Group.
The deal ended Bono and The Edge's connection with the four-star hotel after more than three decades of ownership.
The new accounts show that the exceptional €5m cost last year concerned the writing off of amounts owed by connected companies.
The principal activity of Vision Swipe is developing properties and operating hotels while it also acts as a holding company.
In June of this year, Vision Swipe Ltd subsidiary, Keywell DAC, secured planning permission to almost triple the size of the Clarence hotel by 104 bedrooms from 58 to 162 and add an extra floor to The Clarence and the adjoining Dollard House.
The spend by Vision Swipe in the hotel expansion comes against the background of Fáilte Ireland recently warning in a planning submission for a different hotel scheme that without timely investment in new hotel bedroom capacity, Dublin risks hotel room price inflation, lost economic activity, and diminished competitiveness as a destination.
The consolidated accounts for Vision Swipe Ltd show that food and beverage revenues for 2024 totalled €7.35m while room revenues totalled €3.74m. Other revenues amounted to €537,547.
Numbers employed increased from 119 to 125 with staff costs rising from €1.93m to €3.82m. The group’s interest charges increased from €783,026 in 2023 to €3.26m last year.
At the end of December last, the group had shareholder funds of €18.78m that included an accumulated loss of €21.87m offset by a revaluation reserve of €39.98m.
On October 11, 2023, Vision Swipe Ltd purchased Clarence hotel owner, Keywell DAC for €18.07m and paid out an additional €3.98m to Press Up Group firm and operator of The Clarence Hotel, Brushfield Ltd resulting in a combined €22m for the two firms.
Reporting by Gordon Deegan
