The 185-bedroom, four-star hotel — formerly the Berkeley Court Hotel — is operated by the Dalata Group. Chief executive Pat McCann yesterday said revenues and profits at the Clyde Court and its sister hotel, the 392-bedroom Ballsbridge Hotel — formerly Jurys — “are substantially up on 2012”.
“I am very happy with how both hotels have performed this year. They are doing exceptionally well.”
Accounts filed to the Companies Office by Tulane Business Management Ltd, which operates the two hotels, show that in its first year of operation under the Dalata banner, the firm recorded a modest profit of €47,000 on revenues of €15.28m in the year to the end of Dec 2012.
The hotels are the two most high-profile properties in the Dalata group — Ireland’s largest hotel group — and are owned by a consortium of banks that seized them from developer Sean Dunne, who bought them during the boom for €380m.
Mr McCann confirmed the Dalata group last April signed a five-year lease extension to operate the hotels, investing €1m in the two properties to date.
Mr McCann said the hotels’ business model under the previous ownership, of charging €39 to €49 per room per night, “was not sustainable”, adding: “That left no money to reinvest in the properties.”
The minimum price per room is now €89 a night.
Mr McCann said much of the effort managing the hotels has been repositioning them in the corporate and leisure markets. “We are getting a lot of the hotels’ traditional customers back.”
Mr McCann said the bulk of the investment was spent on the Ballsbridge Hotel with the bedrooms and meeting rooms that needed upgrading. “The Clyde Court was in a far better condition when we took over the two hotels.”
As the then chief executive of the Jurys/Doyle group, Mr McCann was central in the sale of the hotels to Mr Dunne. Mr McCann was general manager of Jurys for a period and said he is ideally placed to rejuvenate both hotels.
On the overall performance of the Dalata Hotel Group in 2013, Mr McCann said: “It is very decent and led by Dublin but parts of the country are still very, very fragile.”
The Dalata Group operates 34 properties and recorded an operating profit of €3.2m in 2012 after revenues increased 55% to €54.1m
The group recorded an overall loss of €2m after charging interest and tax, with €4.1m of the interest charges paid out on loans held by the company’s shareholders, including Mr McCann.