The London-based hotel company Coroin, controlled by the Irish developer Paddy McKillen, posted a GBP 7.78m profit in 2013, up from the GBP 18.56m loss reported the previous year. The loss was due to a GBP 21.7m interest and penalty payment Coroin paid for renegotiating its GBP 540m debt. The company operates three five-star hotels in London: Claridge’s, the Connaught and the Berkeley. While revenues dropped to GBP 142.52m from GBP 144.6m in 2012, the company’s operating profits increased by 6 percent to GBP 44.33m. Coroin executives are predicting an increase in the group’s operating profit for 2014.
