Operating profits at the Mespil Hotel in Dublin last year rose by 60pc to €2.289m.

The hotel recently upgraded to four-star after renovating its rooms and ground floor area. According to the directors, the upgrade "will enhance profitability significantly".

In the 12 months to the end of September last, the company completed the renovation of 75 bedrooms and was scheduled to renovate another 100 before the end of March this year along with a complete renovation of the ground-floor area.

Gross profit increased by 11pc, from €6.5m to €7.3m, to the end of last September.

Pre-tax profits fell by 10pc, from €2.39m to €2.15m. This arose chiefly from the firm incurring €137,007 in interest charges last year compared to a gain of €952,707 under that heading in the prior year.