The Hodson Bay Hotel Group recorded revenues of €52.8m last year, including from its Hyatt Centric hotel in Dublin which contributed €15m.
Commenting on the performance of the group in the 12 months to the end of February 2023, CEO Padraig Sugrue said "we are very happy with the recovery in revenue post Covid and the performance overall".
He said that occupancy at the hotels was an average of 80% across the year.
"The Hyatt as a brand has been a huge success for us in Dublin and the brand has had a huge impact in bringing international business to the city and 40pc of the hotel's business is US," he said.
"That is driven by the brand."
The group operates the 4-star Hodson Bay hotel outside Athlone; the 4-star Sheraton hotel in Athlone town centre and the 4-star Galway Bay hotel along with the Hyatt Centric hotel in Dublin’s Liberties, which opened in January 2020 but temporarily closed down two months later in March 2020 due to the pandemic.
"We are looking to grow and develop the group and the likes of Hyatt has expressed a very strong interest in partnering with us in developing that strategy," Mr Sugrue said.
Mr Sugrue was commenting on new Shermond Holdings Ltd accounts for the Hodson Group’s Athlone and Galway hotels where revenues last year increased by 73% to €37.8m as the group bounced back from Covid-19 restrictions.
New accounts filed by Shermond show that despite the sharp rise in revenues, pre-tax profits dipped 5% to €4.59m.
Mr Sugrue said that he expects revenues in the current year to February to increase 5% across the group on the €52.8m recorded last year.
He said that for the year ahead he expects revenues to be flat "due to the more challenging environment we are in".
Mr Sugrue said that the group employs just over 750 and the Shermond accounts show that staff costs last year increased to €13.7m.
The pre-tax profit takes account of non-cash depreciation costs of €1.26m and interest payments of €861,196.
Shermond recorded post tax profits of €3.95m after incurring a €641,103 corporation tax charge.
Last year, Shermond received €204,268 in Government grant income and this followed €484,308 received in the prior year.
At the end of February 2023, shareholder funds totalled €31.9m, including accumulated profits of €29m.
Shermond’s cash funds reduced from €9.35m to €7.68m.
