Losses narrow at Conrad Hotel in Dublin as pandemic lingers via IrishTimesBiz
While business improved from the second quarter of this year, the industry remains at risk from further waves of the virus and possible fallout from Russia’s invasion of Ukraine, the company said.
“Management anticipate that it will take another three years at least for the key European cities, such as Dublin, to recover to their pre-COVID peaks,” they said. “More specifically, assets traditionally considered strongest have been the hardest hit in the near-term although this trend is likely to be short-lived once office workers and international tourists start to return,” the directors added.
The business received €1.46 million in State pandemic supports in 2021, compared to just under €600,000 a year ago. There were no dividends paid during the year.Archer Hotel Capital bought the Dublin hotel in 2019 for about €115 million. That year the hotel made a profit of €1.7 million on revenue of €18.6 million. In June this year, An Bord Pleanála gave the go ahead for the hotel to get an eight storey extension and increase the number of rooms by 88 to 290.
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