Doyle Hotels reduces losses

THE Doyle Hotel Group reduced its pre-tax losses from €75.5 million to €25m last year.

The company has hotels in Ireland, Britain and the US and last year increased its turnover from €84.7m to €103.2m in 2010. Gross profits were up from €18.5m to €26m, according to accounts filed for Doyle Hotels (Holdings) Ltd.

The key risks and uncertainties facing the future development of the group include a further deterioration in the global economy, changes in inflation, an increase in interest rates and fluctuation in exchange rates.

The directors have developed a range of strategies to address the risk to the group, the accounts read.

Staff costs increased from €32m to €38m last year, as employee numbers increased from 927 to 1,030. Directors remuneration was down from €991,000 to €943,000.

The group, which was formally known as Jurys Doyle, rebranded as the Doyle Collection three years ago as part of a reorganisation that involved a €200m revamp of its hotels.

Jurys Doyle Hotel Group was taken private in 2005 for €1.1 billion, while Quinlan Private acquired Jurys Inns for €1.2bn in 2007.

The company said the business and leisure sectors are the most important sources of revenue and profit.

A revaluation of its hotel portfolio was undertaken on December 31 2010, which resulted in a deficit on revaluation of €28.5m. An amount of €19.9m was recognised in the profit and loss account and €8.6m was recognised in the statement of total recognised gains and losses, according to the accounts.

Earlier this year Doyle Hotel Group chief executive, Bill Walsh, said that this year is expected to be better than last for the company, but he said things are still “extremely difficult” in the hospitality sector.

Bill Walsh also said that the company’s hotels in Britain and the US are performing well, adding that the group is not planning any expansion.