The payment by London & Regional to the Toronto-based global hotel group chain is disclosed in new accounts filed by Ballsbridge Hotel that operates the five-star hotel in Dublin 4.

The accounts for 2014 – just lodged with the Companies Office – show that the €2m payment pushed the business into the red, to record a pre-tax loss of €1.874m.

The hotel recorded an operating profit last year of €303,233 and this followed an operating loss of €663,294 in 2013 – a positive swing of €966,527.