The new operator of the five-star Shelbourne hotel on Dublin’s St Stephen’s Green generated revenues of €10.12 million in its first two months running the hotel last year.
Archer SB Hotel Ltd commenced operating the Shelbourne Hotel on October 31st 2024 and accounts just filed show that revenues to the end of December came to €10.12 million – which equates to an average of €163,344 a day over the period.
Revenue from rooms came to €4.9 million while the hotel made €5.2 million in other revenue.
Archer SB Hotel Ltd recorded a pretax loss of €3.9 million after incurring interest costs of €6.37 million and charging non-cash depreciation and amortisation of €4.53 million.
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In a note with the accounts, the directors said “trading results were strong for the financial period”.
The company recorded a loss after tax of €3.37 million “as a result of the acquisition of the hotel and the subsequent restructuring operations”, the note said.
In August, Archer announced a €50 million renovation scheme for the hotel which will involve renovating 226 of its 265 rooms as part of a year-long refurbishment programme.
The refresh of the Shelbourne’s guest rooms – specifically the queen, deluxe, and heritage premium categories – is to be led by Kenmare interior designer Bryan O’Sullivan, whose previous projects include work on Claridge’s, the Connaught, and the Berkeley hotels in London.
The directors said “the day to day management of the hotel is performed by Marriott International under a hotel management agreement”.
The Shelbourne, which opened its doors in 1824, was acquired by Archer Hotel Capital in 2024 from US property giant, Kennedy Wilson for a reported €260 million. Archer also owns the nearby Conrad hotel.
Separate accounts recently filed by Kennedy Wilson Shelbourne firm, KW Shelbourne Ops Ltd, show that the previous operator of the hotel recorded revenues of €43.69 million over the first 10 months of last year. That means revenues across the full 12 months came to €53.81 million. This compares with a figure of €52.69 million for 2023.
Archer SB Hotel Ltd also benefited from rental income under “other operating income” of €6.27 million in 2024. A note states that rental income represents fees charged to the company’s subsidiary for the use of designated hotel space owned by the company.
The note states that these charges “were levied prior to the transfer of trade”.
Archer SB Hotel Ltd’s cash funds totalled €18.77 million while the book value of the company’s tangible assets totalled €176.9 million. Shareholder funds totalled €70.88 million.
