Gresham's Spanish owner makes £4.3m profit
The Spanish company behind Dublin's Gresham Hotel made a €4.9m (£4.3m) operating profit last year, according to accounts just filed by the business.
Malaga-based Riu, which paid €92m (£80m) for the hotel in 2016, posted a revenue of €17.6m (£15.5m) last year.
The directors of the Gresham firm, who include Riu chief executive Luis Riu Guell, noted that while revenue and profits at the iconic hotel on O'Connell Street fell last year, it is anticipated that the figures will improve in the current year.
The latest set of accounts show that the Gresham generated €13.6m in revenue from room sales last year and €3.5m from food and bar sales.
The rooms sales figure was about €500,000 lower than in 2016, while the food and bar sales were down €1m.
Riu saw off competition from US private equity giants Apollo and Cerberus to buy the Gresham, after the hotel was put up for sale by Nama. The hotel had been owned by Precinct Investments, which was controlled by builder Bryan Cullen.