Despite strong demand, however, the directors of Earlsfort Centre Hotel Proprietors (ECHP) have warned that the hospitality sector’s recovery is still clouded by uncertainty and remains “susceptible to further shocks”.
The Earlsfort Terrace hotel, which housed US president Joe Biden and his entourage on his official visit to the capital in April, was in a “much stronger position” at the end of last year, the directors noted in a report attached to accounts filed recently for ECHP.
The hotel, which was sold to Dutch-anchored hotel investor Archer Hotel Capital in 2019 for a reported €118 million, generated profits of €2.5 million in 2022, a significant turnaround from its 2021 loss. Its cash reserves swelled from €4.6 million in 2021 to more than €11 million at the end of December last.
Despite a slow start to 2022 as the Government began to lift Covid-related public health restrictions, the directors said that “activity picked up later in the year as the desire and ability for guests to travel increased”.
