In 2021, the Rhatigan Group extended the Radisson Blu Royal Hotel to a 254-bedroom property which also includes a spa, gym and other facilities
The strong performance of the four-star Radisson Blu Royal in Dublin city centre last year is a recognition of the substantial investment of €16m made in expanding the business.
That is according to the chairman of the Galway-headquartered Rhatigan Group, Padraic Rhatigan, who was commenting on new accounts showing pre-tax profits at the Rhatigan Group’s Luxor Leisure Ltd increased by 16.5pc to €2.49m in the 12 months to the end of last October.
This followed revenues at the Radisson Blu Royal hotel firm surging by 40pc from €14.46m to €20.09m for the year.
The original Radisson Blu Royal Hotel on Golden Lane in Dublin 8 was a 150-bedroom hotel, and in 2021, the Rhatigan Group extended the property to a 254-bedroom property which also includes a spa, gym and other facilities.
Mr Rhatigan said: “At that time, we also completely upgraded the ground floor including lobby, bar, restaurant etc.”
The business now also includes the Dublin Royal Convention Centre on Ship Street Great which opened in early 2023.
Asked to comment on last year’s improved financial performance, Mr Rhatigan said: “The additional facilities have substantially enhanced our property and the strong performance of last year is a recognition of the substantial investment of approximately €16m.”
On the performance in the current year, Mr Rhatigan said: “The Radisson Blu Royal Hotel in Dublin city centre is trading in a very satisfactory manner and broadly consistent with its performance of last year.”
In a further expansion of the group’s activities in the hotel sector, Mr Rhatigan said the group is currently at an advanced stage of completion of the new Radisson RED Hotel at Crown Square in Galway.
“This will be a new 180-bedroom four-star-plus property which will be an integral part of the overall development at Crown Square.”
He added that “the capital investment in Galway will be in excess of €40m” and said enquiries in relation to the new Galway property “are also very encouraging”.
The profits at Luxor Leisure last year take into account €3.68m paid out in operating leases to a connected company and €952,759 in non-cash depreciation costs.
The Rhatigan Group signed a 25-year franchise licence deal in 2016 with Radisson brand owner Rezidor Hotels APS Danmark. The company last year recorded post-tax profits of €2.17m.
