Hodson Bay Group, operator of the four-star Sheraton Athlone, Galway Bay and Hodson Bay hotels, recorded a four per cent increase in pre-tax profits to €1.86 million last year.
Newly-filed accounts by Shermond Holdings, run by the O'Sullivan family, show that the group's revenues grew by 10 per cent, increasing from €26.94 to €29.54 million in the 12 months to the end of February 29 last, while staff costs rose from €10.7 to €11.95 million, reports The Irish Independent.
Despite being refused planning permission for the development of a €40 million, 263-bedroom hotel close to St Patrick’s Cathedral in Dublin by An Bord Pleanála, the group enjoyed a good year as the value of its fixed assets rose from €44 to €60 million and it recorded operating profits of €2.6 million.
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The group's bank loans increased from €27.83 to €41.41 million, with an attached note stating that the drawdown of bank debt relates to the purchase of additional hotel buildings.