The Shelbourne Hotel, one of Dublin’s best-known five-star hotels, surpassed its pre-Covid activity levels in the second quarter of 2022.
The hotel’s owner, California-based real estate investment giant Kennedy Wilson, recently reported second-quarter results for fiscal 2022.
Hotel revenue was $12.7 million for the three months ended June, up from $2.2 million for the same period in 2021. The results said the increase was mainly due to the lifting of the Covid-19 lockdown. restrictions, which led to increased activity at the Shelbourne Hotel over the past three months.
During an analyst call accompanying the results, Kennedy Wilson President Mary Ricks said Shelbourne has a “really good business case” to build on. She added that almost half of the hotel is pre-booked by the end of the year.
According to a transcript of the call, Ricks said the hotel was nearly 90 percent occupied in July. The average daily exchange rate (ADR) also reached a monthly record of €460. The most recent results showed an ADR of $363.90 (€353) as of June 30th.
July’s performance meant that last month’s net operating income (NOI) would be expected to be around €2m, with June being “very similar”.
Ricks said nearly half of the hotel’s guests in the first and second quarters were from the United States. In June it was even 63 percent.
She believed the strength of the dollar would keep it that way. This would help the company break through its pre-Covid NOI of around €15m over the next 12 months.
In early 2014, Kennedy Wilson spent $152 million to take control of the Shelbourne by purchasing debt tied to the hotel from Irish Bank Resolution Corp, formerly Anglo Irish Bank. It also controls offices and homes in Ireland.
https://www.independent.ie/business/irish/shelbourne-hotel-sees-post-covid-boom-as-visitors-flock-back-to-ireland-41908653.html The Shelbourne Hotel is experiencing a post-Covid boom as visitors return to Ireland in droves