Gresham Hotel profits surge to €6.7m
The firm behind the hotel on Dublin's O'Connell Street also paid its parent firm a €5.5m dividend in 2024, up from €3.9m in 2023. Dividends totalling more than €22m have been paid since the Spanish group acquired the property.
Riu Hotels and Resorts acquired the Gresham Hotel in 2016 for €92m, after it was put up for sale by Nama.
The Gresham had been owned by Precinct Investments, which was controlled by builder Bryan Cullen.
Precinct was used in 2004 to take the then stock market-listed Gresham Hotel group private in a €117m deal.
Family-owned Riu saw off competition from US private equity giants Apollo and Cerberus to buy the Gresham, which is more than 200 years old. The net book value of the land and buildings owned by the hotel firm last year was €54.5m.
The Spanish group has invested a significant amount of money in The Gresham since it bought it, including a renovation project completed last year.
The latest accounts show that the hotel, which employs about 280 people, generated €23m of its revenue last year from room sales, up from €18.9m a year earlier. Bar and food sales accounted for €4.1m, compared to €3.7m in 2023.
Riu Hotels and Resorts has a significant international footprint, with more than 100 properties worldwide.
It's opening its sixth hotel in Cancun, Mexico, this year. It will bring its total number of hotels in Mexico to 23. It's also opening its first property in Thailand.
ADVERTISEMENT
It also has hotels in locations including the Caribbean, Panama, the Maldives, Spain and the United States.
Ireland's biggest hotel operator, Dalata, is currently up for sale with interest in the group having come from bidders such as Norway's Pandox.
A number of new hotels are planned for Dublin or under construction. They include the Sofitel Dublin Airport, a 412-room hotel being built beside Terminal 2.
The UK's Whitbread group announced during the spring that it will redevelop a site on Dublin's Parkgate Street into a 155-bedroom Premier Inn.
It's also starting construction soon on a 100-bedroom hotel on Usher's Quay in the city.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Extra.ie
16 hours ago
- Extra.ie
Irish tourists warned as Spanish town makes plea to stop tourists
A town in Spain has made an interesting plea to stop too many tourists from visiting. Known for its picturesque lavender fields that see influencers and tourists alike flock to get the perfect photos in the purple fields, Brihuega in Central Spain has become increasingly popular over the last few years. But much like many areas of Spain, the town has become inundated with tourists and it's putting pressure on their resources — with Brihuega's mayor Luis Vuego, asking people not to visit on weekends. Brihuega in Spain has made an interesting plea to stop too many tourists from visiting: visit on weekdays. Pic: Rafael Martin/Europa Press via Getty Images 'I recommend visiting us from Monday to Thursday, please,' Mr Vuego said. 'It's more difficult on weekends due to the large number of people who come.' Mr Vuego said that the town 'collapsed' over the weekend, and while they receive over €8million in just a few short weeks when the flowers are in bloom, over 140,000 visitors to the town over such a short period of time means that a lot of pressure is put on its infrastructure. 'We work hard, we have a security committee, but it's still a large turnout,' he told ABC Newspaper. 'That's why I insist: please come from Monday to Thursday.' Known for its stunning lavender fields that bloom in July, the mayor of Brihuega has asked tourists to only visit Monday-Thursday to alleviate some of the pressure that the town is under due to overtourism. Pic: Rafael Martin/Europa Press via Getty Images Despite the influx of overtourism, Mr Vuego added that he doesn't want tourists to stop coming altogether, with a five-star hotel recently opening in the city alongside a park and ride to the fields which will open by next year. The town, which is situated in the Tajuna Valley just an hour outside of Madrid, is also known for its 'amazing heritage and scenic landscapes' according to the Spanish Tourism board, with attractions including the Arab caves of Brihuega, Plaza del Coso and its medieval streets. It's also known for its horse riding and bull running, hosting one of the oldest bull running events in the country. BRIHUEGA, GUADALAJARA CASTILE-L, SPAIN – JULY 10: Lavender flowers on July 10, 2025, in Brihuega, Guadalajara, Castilla-La Mancha, Spain. Every July, thousands of hectares of lavender and lavandin, a local hybrid, bloom in the municipality of Brihuega, known as the 'Garden of the Alcarria'. Flowering reaches its zenith between late June and July. (Photo By Rafael Martin/Europa Press via Getty Images) The town also has a dedicated train service while the lavender is in bloom, with the aptly named Lavender Train connecting Madrid to Brihuega during the month of July.
Irish Independent
16 hours ago
- Irish Independent
Gardaí to cycle 500km in Spain to raise funds for Irish Guide Dogs for the Blind
This year, the funds raised will be again donated to the Irish Guide Dogs for the Blind charity. Next month, the cyclists will embark on a 500km cycle from Cadi-Moixero National Park in the Pyrenees bordering Andorra and Spain, finishing in Barcelona, with the assistance of their counterparts in the Spanish Police. The fundraiser was launched on Tuesday afternoon by Spanish ambassador to Ireland Ion de la Riva Guzmán de Frutos at his residence in Dublin 4 and was also attended by Assistant Garda Commissioner Angela Willis. The Garda Tour De Force consists of gardaí and friends who have been cycling annually since 1991 to raise funds for Irish charities. Last year, they raised almost €44,000 for Irish Guide Dogs For The Blind and almost €4,000 for a host of other charities. On that occasion, 20 cyclists and support staff embarked on a 500km Spanish trip from Malaga to Seville in September raising a total of €47,770 – almost €8,000 more than their target. Among the beneficiaries have been Crumlin Children's Hospital, Debra Ireland, Aware, the Irish Heart Foundation, the Alzheimer's Society of Ireland and Cystic Fibrosis Ireland. The Marie Keating Foundation, Laura Lynn, Age Action, St John of Gods (Re Nua) and Trust, a charity caring for the homeless in Dublin, have also benefited. On their first fundraising ride 33 years ago, members of the team cycled to Ashford, Co Wicklow, to raise money for The HolyAngels Infant Intensive Care Unit at the Coombe Hospital, Dublin. Since 2005, they have embarked on more challenging routes in Ireland and continental Europe. In 2023, they embarked on a 500km cycle from Basel, Switzerland, to Bad Toelz in Germany through the foothills of the German and Austrian Alps in which €32,000 was raised. And in 2010 they even went cycling in North America. Each participant in the charity ride must raise at least €1,000 for the charity and pay their own costs. A Tour De Force spokeswoman told the Irish Independent: 'Our main sponsors this year are: Fleet Plan, Copper Face Jacks, FBD Insurance, Blooms Hotel, Oliver St. John Gogarty's, Fitzwilliam Hotel, ' Euro Cycles, Quanta Capital, Irish Independent Newspapers and The Irish Sun. 'We would like to thank them for their kind support and generous donations to this worthy cause.'
The Irish Sun
19 hours ago
- The Irish Sun
Cycling Gardai who've raised over €1m for Irish charities back on the saddle with 500km Spanish trek for guide dog funds
COPS who have raised well over €1million for Irish charities are set for their latest ride on the saddle. The Advertisement 3 Cops who have raised well over €1million for Irish charities are set to hit the road again Credit: Marie Keating Foundation 3 The 500km journey will take cyclists from the Pyrenees to Barcelona Credit: Marie Keating Foundation The expedition is expected to take days. Their launch took place today at the Spanish Ambassador's Residence, in Ballsbridge in south The Garda Tour de Force was established in 1991 and has raised funds for multiple Irish This year's funds will be donated to Irish Guide Dogs for the Blind. Advertisement READ MORE IN IRISH NEWS Retired top investigator Adrian Whitelaw hailed the ongoing support from its sponsors including the Irish Sun, Quanta Capital, Fleet Plan, Copper Face Jacks and FBD Insurance. Blooms Hotel, Oliver St John Gogarty, the Fitzwilliam Hotel, Euro Cycles, and Irish Independent Newspapers also sponsor the event. The former Detective Sergeant said: 'On behalf of everyone involved, I would like to thank all sponsors for their generous support in backing the Garda Tour De Force team year after year." The cycle takes place annually, with funds donated to a different cause each year. Advertisement Most read in Irish News Last year, cycling Gardai The cyclists took on a 500km trek from popular Spanish hotspot Seville to party town Malaga in September 2024. Gardai roll out new tool in crackdown on e-scooters And the 24-strong group were again joined by their Spanish colleagues on the journey. Commenting on the good cause, Assistant Commissioner Paul Cleary said: "The Garda Tour de Force has done excellent work over the years in raising much-needed funds for very worthy causes. Advertisement "Serving and retired Garda members are to be commended for their continuous charitable efforts." 3 The Garda Tour de Force was established in 1991 and has raised funds for multiple Irish charities Credit: Marie Keating Foundation
