Mr Sugrue revealed the group’s expansion plans after describing the hotel group recording the profit last year as “a mammoth achievement in a very difficult environment”.
The group operates the four-star, 182-bed Hodson Bay Hotel and 167-bed Sheraton Hotel in Athlone, Co Westmeath, along with the four-star, 153-bed Galway Bay Hotel.
Accounts filed by the hotels’ holding company, Shermond Holdings Ltd, show the group returned to a post-tax profit of €56,455 in the 12 months to the end of February 2011, after recording a post-tax loss of €1m in the 2010 fiscal year.
The balance sheet shows the group has cash in hand of €11m to spend on new ventures in Dublin.
The company’s total shareholder funds stand at €17.8m and Mr Sugrue said: “We have substantial reserves, a strong balance sheet and are looking to expand in the Dublin area if the opportunity presents itself.”
Revenues at the group, which employs 500 people, declined last year by 3.6% from €24.7m to €23.8m.
The group more than doubled its operating profit from €757,055 to €1.77m last year — mainly through reducing its cost of sales from €12.9m to €12m. However, net interest payments of €1.75m and a tax credit of €36,993 resulted in after-tax profits of €56,455.
The profit last year includes a non-cash depreciation charge of €2.4m showing the group’s cash profit last year amounted to €2.49m.