Irish hotel group Tifco reported a 22% rise in profits to €4 million last year, according to new account filed by the firm.
Tifco, Ireland's second largest hotel group behind the listed Dalata, also saw a 10% spike in revenues to €34.9 million, reports the Irish Examiner, which adds that occupancy and average room rates among its 26 properties continued to show strong growth, with revenue per room up 12.5%.
Tifco can boast over 2,583 rooms in a portfolio that includes the Hotel Killarney, the Metropole Hotel, Cork Airport hotel, Athlone Springs, the Hilton at Kilmainham, and the 901 rooms from the Travelodge group of hotels.
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The group's hotels contributed some €33.5 million in revenues, with the remainder coming from management contracts, while Tifco also reported a €19.9 million increase in the value of its property portfolio.
Meanwhile, staff numbers increased slightly to 331, which meant staff costs rose from €10 million to €11.2 million.