The company behind the Trinity City Hotel in Dublin, which was acquired by US billionaire John Malone in 2013, experienced a loss last year and has restructured its debt with AIB as a result of the COVID-19 pandemic.
Newly-filed accounts for the company behind the property, Trinity Leisure Holdings, show that it made a €2.3 million loss last year, which followed a €4.8 million profit the previous year.
The company had total bank loans totalling €49.4 million at the end of 2020, compared to €48.7 million at the end of 2019, and, of its bank loans, €33.9 million is repayable after five years.
Malone paid €35 million for the hotel in 2013. In 2019, the company behind the premises paid a €16 million dividend, allowing him to recoup a significant portion of his outlay for the property.
The accounts also reveal that Trinity Leisure Holdings secured waivers on loan covenants last year.
The directors, who include Malone, noted, "Covenants associated with the senior debt secured on the hotel were waived at June 30 2020, in addition to interest and capital moratoria at March 31, 2020, and June 30, 2020."
The directors added, "Additionally, capital repayments were waived from September 30, 2020, through to June 30, 2021, while covenants were amended to 2023. The directors have been in regular communications with AIB."