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U2 and Quinlan in talks about the Clarence
By Neil Callanan
Bono and The Edge of U2 and businessman Harry Crosbie have held talks with Derek Quinlan's Quinlan Private over the future of the Clarence Hotel in Temple Bar in Dublin.
Quinlan has brokered a number of high-profile hotel deals, including the €1.1 billion acquisition of the luxury Savoy Hotel Group in London last year, on behalf of investors.
It is expected that a deal will be agreed with the Clarence either allowing Quinlan to take advantage of the tax breaks in the planned expansion of the hotel or enabling the hotel to join the Maybourne Hotel Group, which was set up by Quinlan Private earlier this year.
The former is the more likely outcome. Maybourne was the rebranded name given to the London hotel chain after the Savoy hotel itself was sold by Quinlan Private.
Brushfield, the company that controls the hotel, was granted permission last year to expand the hotel into 9, 10, 11 and 12 Wellington Quay and 9 Essex Street East.
The buildings on Wellington Quay are to be converted into hotel use and a new seven-storey hotel wing is to be built on the Essex Street side. As well as expanding the number of bedrooms, the plans provide for new offices and new retail, conference and other hotel facilities. The space between the new wing and the existing Essex Street East block will become a covered courtyard with an uncovered smoking area.
The last accounts for Brushfield, the holding company for the Clarence Hotel, revealed the hotel made a pre-tax loss of €302,000 for the year ending December 31, 2003. The hotel ended the year with accumulated losses of more than €11.2 million.
Turnover at the hotel increased from €13.4 million in 2002 to €14.9 million in 2003, and the accounts show it had retained profits of €9.7 million in the bank at the end of the financial year, according to the accounts.
© The Sunday Business Post, 2004, Thomas Crosbie Media TCH
http://www.sbpost.ie/post/pages/p/story.aspx-qqqid=3717-qqqx=1.asp
By Neil Callanan
Bono and The Edge of U2 and businessman Harry Crosbie have held talks with Derek Quinlan's Quinlan Private over the future of the Clarence Hotel in Temple Bar in Dublin.
Quinlan has brokered a number of high-profile hotel deals, including the €1.1 billion acquisition of the luxury Savoy Hotel Group in London last year, on behalf of investors.
It is expected that a deal will be agreed with the Clarence either allowing Quinlan to take advantage of the tax breaks in the planned expansion of the hotel or enabling the hotel to join the Maybourne Hotel Group, which was set up by Quinlan Private earlier this year.
The former is the more likely outcome. Maybourne was the rebranded name given to the London hotel chain after the Savoy hotel itself was sold by Quinlan Private.
Brushfield, the company that controls the hotel, was granted permission last year to expand the hotel into 9, 10, 11 and 12 Wellington Quay and 9 Essex Street East.
The buildings on Wellington Quay are to be converted into hotel use and a new seven-storey hotel wing is to be built on the Essex Street side. As well as expanding the number of bedrooms, the plans provide for new offices and new retail, conference and other hotel facilities. The space between the new wing and the existing Essex Street East block will become a covered courtyard with an uncovered smoking area.
The last accounts for Brushfield, the holding company for the Clarence Hotel, revealed the hotel made a pre-tax loss of €302,000 for the year ending December 31, 2003. The hotel ended the year with accumulated losses of more than €11.2 million.
Turnover at the hotel increased from €13.4 million in 2002 to €14.9 million in 2003, and the accounts show it had retained profits of €9.7 million in the bank at the end of the financial year, according to the accounts.
© The Sunday Business Post, 2004, Thomas Crosbie Media TCH
http://www.sbpost.ie/post/pages/p/story.aspx-qqqid=3717-qqqx=1.asp
