Amaris Enjoys Successful Year, Generating £392m Of Revenue
Amaris Hospitality group has generated earnings (ebitda) of approximately £93 million on sales of £392 million last year, according to financial statements, reports the Irish Times.
Amaris, which has three key business divisions comprising of 73 hotels trading under eight leading hotel brands, is owned by US private equity group Lone Star. However, the accounts don’t include full-year contributions from all of the group's portfolio of hotels as seen with only 10 months of Jurys Inn's performance accounted for and as little as six months from others.
The accounts stated that more than 90 per cent of the revenues were generated in the UK and that the group's Jurys Inn division accounted for over 40 per cent of its total revenues. The accounts also show that Amaris has £460 million of bank loans and £468 million of loans to Lone Star entities with the bank loans accruing interest of £17.3 million.
Its directors report states that they are satisfied with the results and with a "positive trading performance" being maintained into 2016, as well as praising Ireland's "strong market conditions and performance".
John Brennan, chief executive of Amaris, added, that while the Irish market continues to be successful for the group, occupancy and rates have seen a decline at its London properties in early 2016.