Doyle Hotels Records Pre-Tax Loss For Last Year
Doyle Hotels has recorded a pre-tax loss for last year. As reported by The Irish Times, accounts for Doyle Hotels (Holdings) Ltd show that it recorded a pre-tax loss of €90 million for 2020, which...
Doyle Hotels has recorded a pre-tax loss for last year.
As reported by The Irish Times, accounts for Doyle Hotels (Holdings) Ltd show that it recorded a pre-tax loss of €90 million for 2020, which followed a profit of €8.4 million a year earlier, and turnover of €34.1 million, which was down from €148.3 million in 2019.
The group reportedly also took a €47.9 million write-down on its assets, accessed a number of government supports to offset the impact of COVID-19 pandemic-related lockdown restrictions and maintain employment levels, received €5.6 million from the UK Coronavirus Job Retention Scheme and €3.4 million from the Irish State via wage subsidy schemes, and pressed ahead with a €23 million investment in capital expenditure during the pandemic, with the Dupont Circle Hotel in Washington DC being completely refurbished and 60 bedrooms being upgraded at its Marylebone and Kensington properties in London.
Additionally, the group reportedly refinanced its loan facilities in June of 2020, which reportedly included an additional credit facility and interest capitalisation, and the interest charge reportedly remained stable at €9.2 million.
Chief Executive Statements
The chief executive of the Irish-owned Doyle Collection hotel group, Pat King, reportedly said that there has been a "clear uptick" in bookings from American visitors planning to travel to Ireland in 2022, as the hospitality sector in Ireland recovers from the impact of COVID-19 pandemic-related lockdown restrictions.
King reportedly described 2020 while commenting to The Irish Times about the group’s results for last year as being an "exceptionally challenging year" for the group, and reportedly said, "The stop-start impact was felt right through the business and is reflected in the 2020 results."
King reportedly said, "As we have emerged from the pandemic, trade is recovering well across our hotels in Ireland, the UK and the US. The recovery is led by leisure trade, which is performing ahead of expectations. We have maintained strong room rates, benefitting from the extensive refurbishment investment we committed to prior to and during the pandemic closures.
"Interestingly, there has been a surge in demand for our upgraded suites, particularly the terraced suites in London, Dublin and Washington. Our food and beverage business has also performed well.
"While corporate business recovery has lagged leisure trade, we are now seeing a definitive uplift in our forward bookings and anticipate that we’ll see the corporate trade recovery gaining pace in the initial quarters of 2022. There is also a clear uptick in US bookings into Ireland next year as Americans commence travelling again."
Doyle Collection Information
The Doyle Collection, which is owned by members of the Doyle and Beatty families and traces its roots back to a company founded by well-known Irish hotelier PV Doyle, comprises eight high-end properties in Ireland, Britain and Washington DC, including The Westbury in Dublin.
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