The Morrison Hotel on Dublin's Ormond Quay is having a 'phenomenal' year after re-opening last February. Last year the hotel had a €7.5 million renovation after it was purchased by Russian billionaire Elena Baturina for €20 million from Nama.
New accounts reveal that the hotel recorded pre-tax profits of €287,607 in 2012.
Financial accounts lodged by Martinez Ltd with the Companies Office show that the establishment recorded the pre-tax profits in the period between March 1 and December 31, 2012 on a gross profit of €2.99m.According to general manager Patrick Joyce, this year profits are up further, on the back of a 25% rise in turnover.
"We are very happy with the numbers. Our occupancy and room rate is up. Since May, our occupancy levels have been over 80% and that is putting it conservatively. People have a great affinity with the hotel. We are happy with the refurbishment – it has been very well received. We did need to refresh the product here," Mr Joyce said to the Irish Times.
