iNua Hospitality has received €5 million in funding from its investors to support it during what it anticipates will be a disruptive winter.
iNua's chief executive, Sean O'Driscoll, said that the group has also reached an agreement with its senior lender.
The Business Post quotes O'Driscoll as saying, "We went out and raised capital among our investors over the summer months to support the business in the winter and raised more than €5 million.
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"All our hotels were profitable and successful in normal times, but there’s no doubt that this is a big blip for our sector, and we needed to make sure that we took the steps early to protect the business."
Optimistic About 2021
O'Driscoll added, "We're confident we can get through this and come out the other end. And I think, when restrictions are lifted, there's definitely a backlog in business to happen. For example, normally at this time of year I'd have 320 weddings booked for next year, but I have 440 weddings booked right now. I'll probably do over 500 weddings in 2021.
"We're also talking to a lot of our corporate and conference clients. Again, they're very anxious to hold events."
iNua's Hotel Portfolio
iNua currently operates nine hotels in Ireland including Co. Offaly's Tullamore Court Hotel and Radisson Blu venues in Cork, Sligo, Athlone and Limerick.
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.