Revenues at Citywest hotel operator hit €16.2m in 2021

The hotel today is being used to accommodate Ukrainian refugees after its owners, Tetrarch Capital, signed a two year deal from June 1st this year with Government to house and process the refugees at Citywest.But it has been only used as a hotel for paying guests briefly since the pandemic hit in 2020 when Tetrarch signed an initial €21m deal with the HSE to use the hotel as a Covid-19 isolation centre.

Now, new accounts show that hotel owner, Tetrarch Capital's Alva Glen Investments Ltd, and subsidiaries last year recorded pre-tax losses of €3.73m and this followed a pre-tax profit in 2020 of €244,496. The business recorded an operating loss of €798,801 and interest payments of €2.938m resulted in the pre-tax loss of €3.73m.Hotels across the county were closed for the first five months of 2021 due to Government Covid-19 shutdowns and the directors state that hotel was licensed to the HSE for the entire year"and given the industry backdrop as a result of the Covid-19 pandemic, this was a positive development for the group".

The revenues last year were made up of hotel operations €15.85m, land-dealing of €275,000 and rental income of €90,000.

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