Hotelier Michael Holland earned €10.47 million from the sale of his Irish Welcome Tours business to Mayfair Equity Partners in July of 2017.
The Irish Independent reports that the sale of Irish Welcome Tours helped to increase pre-tax profits at Holland's Ampleforth Ltd. almost threefold to €14.6 million last year.
Meanwhile, revenues at Ampleforth, which also operates Dublin's five-star Fitzwilliam Hotel, came to €15.12 million last year, representing a 62% decrease on 2016's revenue figure of €40.23, which was said to have been boosted by €26.1 million from "discontinued operations".
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A directors' report stated, "the Dublin hotel market continues to benefit from strong tourist numbers as well as a vibrant corporate market".
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.