Accounts filed by Fitzpatrick Hotels Ltd, the company run by Irish businessman John Fitzpatrick, showed that the group's two New York hotels made a combined after-tax profit of $2.3 million (€2.03 million) last year.
Fitzpatrick Hotels also posted a record occupancy rate of 91 per cent during the same period, reports The Irish Times, which added that its turnover rose by 1.2 per cent to $26.55 million in the year to the end of September 2015.
Fitzpatrick has pointed to the food and beverage success of its Wheeltapper bar and restaurant, located in the four-star Fitzpatrick Grand Central Hotel, as one of the chief reasons behind the boost in profits. Wheeltapper generated revenues of about $4.5 million in 2015.
"It's really the after-work crowd that is driving that business,” said Fitzpatrick "It’s been a great success."
According to The Irish Times, after four years of operating profit growth for Fitzpatrick Hotels, averaging 20 per cent annually, it declined last year to just under $5.1 million from $5.7 million in the previous reporting period.