Citywest accounts for 2022 show profit of over €17m

Accounts made public by the former owners of the Citywest Hotel show a profit of over €17 million in 2022.

Tetrarch Capital, the former owners of the Citywest Hotel, submitted accounts for the hotel which show that they made a profit of €17.5 million four years ago.

The business had posted an operating loss of €798,801 in 2021, the year before the sizeable profit.

The Citywest Hotel was purchased by the State for €148 million in August 2025, three years after leasing it since 2020, initially as part of the COVID-19 response.

The hotel had begun providing temporary accommodation for asylum seekers in June 2022, taking in Ukranians fleeing war initially as part of a deal with the State.

The State expects to pay back the purchase price within four years and estimates that they will save €1 billion over 25 years.

Figures from the Department of Justice, also responsible for Integration, show that the Tetrarch Capital-owned Cape Wrath Hotel Unlimited Company received €70.8 million for housing International Protection applicants and Ukranian refugees at Citywest.

The same company received 53.7 million in 2023 from the Department of Justice.

In 2025, the company received €34.7 million from the Government before the purchase of the hotel and conference centre was agreed.

€30.5 million worth of purchase orders in the first half of last year were related to the accommodation costs of Ukrainian and International Protection accommodation.

€21 million of this figure had been provided by the Department for the accommodation of those coming from Ukraine.

Other costs included meals provided, utility charges for the Citywest Transit Hub and room hires.

South Dublin County Council has the highest occupancy numbers by local authority of people availing of International Protection Accommodation Services (IPAS) in the country.

The latest IPAS figures published by the Department of Justice show that 4,169 people are availing of the accommodation services in the South Dublin region.

Dublin City is second with 3,375 people availing of the services there while Donegal is third in the country and the largest outside of Dublin, with 2,193 applicants residing there.

The 764-bed hotel and conference centre is now a permanent state asset following the purchase last year.

Minister for Justice, Home Affairs and Migration Jim O’Callaghan TD and his department plan to use the hotel and centre as part of a strategy to develop a sustainable accommodation system.