The lobby in the Dean Hotel on Dublin’s Harcourt Street, which was sold as part of a portfolio of eight hotels earlier this year.
But a more than doubling of the hotel company’s administrative expenses from just over €5.4 million to nearly €11.7 million in the year erased Holtend’s gross profits. Holtend’s cost base widened as the company ramped up hiring in the year with staff numbers climbing from 175 to 241 with wages and salaries costs soaring by in excess of 225 per cent to €8.5 million.
The accounts cover the period before Press Up owners Paddy McKillen Jnr and Matt Ryan completed the sale of thein the early part of 2024 to British property group Lifestyle Hospitality Capital and Elliott Investment Management, the New York-headquartered investment giant founded by billionaire Paul Singer.