Average daily room rate at Stephen’s Green establishment increased more than 20% to €389 in the first quarter
The $6.9 million increase was primarily attributed to increased travel to Dublin after the pandemic subsided, which led to higher occupancy and room rates. There were expenses of $17.6 million in the six months, up from $11.9 million the year before. The hotel’s average daily room rate increased more than 20 per cent on an annual basis in the first three months of the year. Its average daily rate was $428.80 in the first quarter of the year, compared with $354.30 in the same period of 2022.
Kennedy Wilson’s results show the hotel’s performance picked up in the second quarter during which it generated $15.5 million in income compared with $12.7 million for the same period in 2022. The California-based group was one of the first major overseas buyers of property assets following the financial crash more than a decade ago. It invested heavily in Ireland and now controls offices and apartments as well as the hotel.
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