Soaring numbers at Dublin Airport drive up revenues at Radisson Blu hotel

Revenues increase 3% to €14.34m at four-star hotel as profits remain flat

The Radisson Blu hotel at the airport recording operating profits of €2.75 million. Photograph: Donal Murphy
The Radisson Blu hotel at the airport recording operating profits of €2.75 million. Photograph: Donal Murphy

A record number of passengers using Dublin Airport last year contributed to the four-star Radisson Blu hotel at the airport recording operating profits of €2.75 million.

New accounts show revenues at the hotel company, CG Hotels Dublin Airport Ltd, last year increased by 3 per cent to €14.34 million from €13.96 million against the backdrop of the airport recording passenger numbers of 31.5 million for last year.

Operating profits last year at the hotel company remained flat at €2.75 million and a non-cash impairment reversal of fixed assets of €2.67 million resulted in a pre-tax profit of €5.43 million.

According to the directors’ report, “the company has forecasted a strong trading position for 2019 and intends to continue its implementation of a range of capital projects designed to enhance the property”.

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Depreciation

The profits last year take account of higher non-cash depreciation costs of €1.53 million.

Numbers employed last year increased from 103 to 110 as staff costs increased from €3.2 million to €3.4 million.

At the end of last year, the company had accumulated profits of €4.1 million. The company’s cash reserves more than tripled from €1 million to €3.66 million.

The CG Hotel Group purchased two hotels at Dublin and Shannon airports along with a third former Great Southern hotel at Cork airport for about €75 million from the airport operator DAA in 2006. It sold the Shannon and Cork airport hotels were sold on for €5.42 million in 2014, but the group retained the Radisson Blu hotel Dublin.

The directors of CG Hotels include Ben Walsh, Alan McIntosh and Patrick Coyle.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times