Doyle Collection Hotel Group Refinances Its Debt To 2017
Published on May 7 2013 9:27 AM in Hotel
In what is thought to be one of the biggest refinancings of corporate debt here in years, the Doyle Collection has refinanced its debts with AIB until 2017. According to The Irish Times, the Irish-owned Doyle group agreed a deal with the state-controlled bank in March of this year which will see the debt - which was due to be repaid in November of this year - extended out till 2017.
It is not clear how much debt the hotel group has refinanced with AIB. In 2011, its gross debt stood at €331.2 million. The group sold off three of its hotels in the US - including the Back Bay in Boston and its Marriott Courtyard and Normandy hotels in Washington DC - for $149.5 million. It is not clear if these debts were used to repay debt to AIB. The Doyle Collection portfolio now stands at eight, with hotels in Dublin, Cork, Bristol, London and Washington DC.
The most recent accounts for the group show that turnover rose to €111.4 million in 2011, an increase of 11% on 2010 figures. Doyle Hotels potsed an operating profit of €8.7 million in the year compared with a loss of €13.7 million in 2010.