Ireland's largest hotel group, Dalata, saw its profits and revenues soar in 2015 after what was a blockbuster year for the group.
Group revenue increased by 185 per cent to €225.7 million creating a pre-tax profit of €28.5 million. Adjusted EBITDA, which excludes acquisition costs, impairment charges and non-recurring income, also increased seven times to €62.6 million.
The group announced its annual results this week, which also showed that RevPAR increased by 21.4 per cent, helped by an jump of 13.9 per cent in average room rate. In total, €558.8 million was invested in the acquisition of 15 hotels throughout Ireland and the UK, increasing its room count to 5,484 at the end of December.
Get a FREE Digital Subscription!Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Commenting on the results, Dalata's chief executive Pat McCann said: "The results for 2015 highlight the momentous change that the Group has undergone as a result of the acquisition of 15 hotels. We now have a strong operating platform and management capacity from which we will continue to grow and create value for our stakeholders.
"All our Irish hotels have performed strongly and we are particularly happy in the way the increased revenue has been converted strongly to the bottom line."
The group reiterated its intentions to "pursue potential opportunities". It has been linked as an interested party in the €80 million-valued sale of the Gresham Hotel.