Shelbourne Has Bumper Q2
The Shelbourne Hotel exceeded its pre-Covid activity levels during the second quarter of 2022.
The hotel’s owner, Kennedy Wilson, reported second quarter results for its 2022 financial year. Hotel income was $12.7m for the three months ended in June, up from $2.2m for the same period in 2021. The results said the increase was primarily due to the lifting of Covid-19 restrictions, leading to increased operations at the Shelbourne Hotel during the three months.
During an analyst call accompanying the results, Mary Ricks, president of Kennedy Wilson, said The Shelbourne had a “really good book of business” to build upon. She added that almost half of the hotel was pre-booked between now and the year-end.
Ricks said the hotel had almost 90pc occupancy in July. Its average daily rate (ADR) also hit a monthly record of €460. Its recent results reported an ADR of $363.90 (€353) as of June 30. The performance in July meant it would be looking at a net operating income of around €2m for last month, with June having performed “very similar”.
Ricks said almost half of the guests to the hotel over the first and second quarters had been from the US. In June, this was as high as 63pc. She believed this would remain the case thanks to the strength of the dollar. This would help the company break through its pre-Covid NOI of around €15m in the next 12 months.