Increase in turnover boosts Shelbourne operating profit

The five-star Shelbourne Hotel in Dublin made an operating profit of €3.21 million last year as its turnover rose by 2.8 per cent.

Latest accounts for Shelbourne Hotel Holdings Ltd show that the property achieved revenues of €23.1 million in 2011 compared with €22.4 million in the previous year. The operating profit performance was a mirror of that recorded in 2010.

Interest payments of €5.6 million meant the company closed the year with a loss of €2.5 million.

The Shelbourne’s general manager, Stephen Hanley, said it would record a “strong double-digit” growth in its profits in 2012 after a “buoyant” year. Mr Hanley said that contrary to perception, the hotel was not under the control of the National Asset Management Agency. The hotel has loans with the Irish Bank Resolution Corporation and Bank of Ireland.

He added that the relationship between the Marriott group, which operates the hotel, and its owners was “very harmonious”. The two sides were previously involved in litigation.

The Shelbourne’s owners are John Sweeney, David Courtney and Jerry O’Reilly.