HOTEL RESULTS:TWO HOTELS controlled by Séamus Ross, the developer behind Menolly Homes, made combined pre-tax losses of €1.85 million in the year ended June 2010.
Accounts for the Dylan Hotel Limited show that the Dublin 4 hotel made a pre-tax loss of €741,690 for the year against a profit of €5.8 million the previous year – though that was only after a €7 million loan from Menolly Homes had been forgiven.
The Dylan Hotel, an upmarket boutique hotel, located off Baggot Street in Dublin, had net assets of €938,544 at the balance sheet date. The ability of the company to continue as a going concern is dependent on the continued support of a “key creditor”, the accounts state.
Accounts just filed for Fylan Collection, the company which operates the Dunboyne Castle Hotel and Spa in Co Meath, posted pre-tax losses of €1.1 million for the year ended June 30th, 2010. The company posted pre-tax losses of €3.3 million in the year ended June 2009, though, similarly, this was after a €5.2 million loan from Menolly Homes had been forgiven.
