Turnover at the Merrion Hotel in Dublin fell last year but losses were reduceed to under €570,000 compared with €607,500 in the previous year.

Turnover  was down by 20 per cent on the year, falling to €13.3 million from €16.8 million.

The Merrion Hotel is controlled by businessman and ESB chairman Lochlann Quinn, Glen Dimplex founder Martin Naughton, and the Hastings Hotel Group, the Northern hotel company controlled by Billy Hastings.

No dividend or emoluments were paid to the directors in the 2009 financial year, the accounts reveal. Directors’ remuneration and other emoluments accounted for almost €300,000 in 2008 and more than €1.5 million the previous year.

The hotel had 217 employees in 2009, down from 246 the previous year, according to the accounts.