The company behind the Trinity City Hotel in Dublin, which was acquired by US billionaire John Malone in 2013, has restructured its debt with AIB as a result of the pandemic.

Newly-filed accounts for the company behind the property – Trinity Leisure Holdings – show that it made a €2.3m loss last year as the Covid crisis raged. The loss compared to a €4.8m profit the previous year.

The company had total bank loans totalling €49.4m at the end of 2020, compared to €48.7m at the end of 2019. Of its bank loans, €33.9m is repayable after five years.

Mr Malone paid €35m for the hotel in 2013. In 2019, the company behind the premises paid a €16m dividend, allowing him to recoup a significant portion of his outlay for the property.

Mr Malone teamed up with Galway developer John Lally to buy the property. Mr Malone bought a number of high-profile properties in Ireland over the past decade, including the Westin Hotel in Dublin and Humewood Estate in Co Wicklow. Mr Malone is the chairman of Liberty Media and Liberty Global. Virgin Media Ireland are among the large number of international assets it controls.

Trinity Leisure Holdings secured waivers on loan covenants last year, the accounts also reveal.

“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,” note the directors, who include Mr Malone.

“Additionally, capital repayments were waived from September 30 2020 through to June 30 2021, while covenants were amended to 2023,” they add. “The directors have been in regular communications with AIB.”

They said that the company is confident of continuing support from AIB and that the loan-to-value ratio remains at “comfortable levels”.

Turnover at the hotel sank to €2.1m last year, compared to €14.6m in 2019.

“From late December 2020, government restrictions were once again placed on the company’s business, which has significantly impacted the company’s revenues,” the accounts note.

They add that the hotel reopened on June 2 this year, in line with government guidelines.

“During the period of restriction, the company reduced its cost base so that the burden of costs borne during the restricted trading period has been mitigated,” the directors added.