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.

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.