Doyle Collection hotel group’s profits last year grew by 66% to €35.2 million as revenues escalated by 13.5 %to €126.5 million.
Doyle Collection group is one of Ireland’s largest hotel groups. In March of this year, they renegotiated €300m-plus bank loans with AIB. This being one of the biggest refinancing of corporate debt in the country in years. They also sold three of its US hotels for a combined €149.5million.
New accounts sreveal the group had bank loans totalling €323m at the end of December. The company had been due to repay the debt next month. This will now be extending out to 2017 with the State-controlled bank.
Consolidated accounts for holding firm Pembase Holdings Ltd, lodged with the Companies Office, show that revenues at the hotel group last year grew from €111.4 million to €126.5 million.
The accounts show that the group’s earnings before interest, tax, depreciation and amortisation increased from €21.2 million to €35.2 million last year. The group recorded a total profit of €65.48 million for the year. This arose mainly from a surplus on revaluation of the group’s hotels of €80.2 million.
The group's gross profit last year increased 16pc to €89.9m, with operating profits increasing almost threefold to €22m.
Earnings before interest, tax, depreciation and amortisation increased from €21.2m to €35.2m last year.
The company's total profit hit €65.48m for the year, following a €80.2m revaluation of the group's hotels.
The group run the Westbury and Croke Park hotels in Dublin; the River Lee Hotel in Cork, the Dupont Circle hotel in Washington DC and four hotels in the UK.
The hotels the group disposed of this year are The Back Bay Hotel in Boston, The Courtyard by Marriott and the Normandy Hotel in Washington DC. Details of the transactions will be included in the 2013 accounts.
The directors state that on the basis of the renegotiated bank terms, they are satisfied that the group has adequate resources to continue to operate for the foreseeable future.
