Hotels group Dalata has reported strong growth in revenues in Dublin and what it says are signs of recovery in the rest of the country.
Its half year results show the company generated €35m in revenue for the six months to the end of June, a 31% increase on the same time last year. EBITDA soared by 171% to €2.4m from €0.9m.
Dalata said its revenue growth was driven by the addition of Maldron Hotels at Dublin Airport and in Tallaght, Dublin, as well as growth in its existing business.
The company said it is still actively pursuing opportunities to acquire new properties to manage, and since the end of June it has completed the purchase of the Maldron Hotel Parnell Square and Pearse Hotel in Dublin.
Alongside the results today, Dalata also said it has reached an agreement to buy the four star Tower Hotel in Derry for £4.4m.
The hotel is located within the walls of the old city and has 93 en suite rooms. It reported profits of £0.5m last year.
Dalata's chief executive Pat McCann said that the outlook for the company is encouraging, adding that it is confident for the rest of 2014 with strong momentum maintained.
"We are actively pursuing further acquisitions as activity in the market continues to accelerate through the second half of the year," Mr McCann said in today's results statement.
He said that the commitment of Government to the development and support of the tourist industry through a combination of investment, promotional and fiscal measures has revived confidence in the hotel sector.
"The solid growth in recorded visitor numbers in the first half is continuing into the second half. We expect EBITDA in the full year to be in the range €7.5m to €8m, excluding the effect of acquisitions," he added.
The company's revenue comes from the operation of a mix of 13 owned and leased hotels and from fees for hotel management services to third party owners under management agreements.
Dalata raised €260m - net of costs - in its IPO in March.
