Dalata Hotel Group, which operates the Maldron and Clayton hotel brands, has reported lower pre-tax profits and higher revenues for the year to the end of December.
Dalata, the country's biggest hotel group, said its pre-tax profit dipped by 4% to €105.5m due to the reversal of previous period revaluation losses post Covid in 2022.
But its revenues rose by 18% to €607.7m for 2023, while its adjusted EBITDA jumped by 22% to €223.1m.
Dalata said the average price charged for a night's stay was 6% higher at €143.36, up from €135.80 in 2022, while its hotel occupancy levels also rose to 80% from 75.8% in 2022.
Meanwhile, Group Revenue per available room (RevPAR) rose by 12% to €114.67 from €102.23 in 2022.
The Dalata board has proposed a final dividend of eight cents per share, which it said represented a dividend payment of about €18m.
The hotel group said it invested €112.3m in two strategic London assets - Maldron Hotel Finsbury Park (191 rooms) and Clayton Hotel London Wall (89 rooms) - which began trading under Dalata ownership during the year.
It also saw a second hotel in Continental Europe with the €29.5m leasehold acquisition of rebranded Clayton Hotel Amsterdam American (173 rooms) and invested €14.4m in Edinburgh with planning lodged for an office conversion to a 167-bedroom hotel.
The company said its UK rooms are set to exceed 5,000 by the end of this year, an increase of 28% since the end of 2022, with the opening of centrally located hotels in London, Liverpool, Brighton and Manchester.
It added that it is focussed on growing in 11 key cities in the UK and establishing a presence in targeted large European cities with a strong mix of corporate and leisure demand.
Dermot Crowley, the hotel group's chief executive, said that after exceeding revenue of €500m in 2022, the group grew revenues further to over €600m in 2023.
"Our established hotels continue to drive revenue and convert strongly to the bottom line underpinned by our decentralised model," the CEO said.
Mr Crowley said that Dalata's growth strategy remains compelling, adding that 2024 will be another exciting year for the company.
He noted that January and February in any year are two of the quieter months of the year, adding that the impact of additional supply or reduced demand can have a larger than normal percentage impact on RevPAR.
"The combination of an additional 1,800 rooms in supply and a reduced number of events has led to a fall in RevPAR in the Dublin market," he noted.
"However, when I look forward at the strength of the calendar of events for the balance of the year (especially from May onwards), the strong flight schedule at Dublin Airport and the increase in corporate demand experienced in the year to date, I am optimistic as we look to the balance of the year," he added.
Shares in the company were lower in Dublin trade today.
