New accounts filed by the hotel’s owner show that the business achieved the sharp rise in pre-tax profits after revenues rose 17% going from €19.73m to €23.13m.
Last year’s profit level marked a 734% increase on the previous 12-months; a profit of €258,809 was recorded in the November 2012 to December 31, 2013 period.
According to the directors’ report section of the new accounts for DT Sussex Road Operations Ltd: “The maturing of the hotel under the management of Hilton is expected to provide positive company cashflows for the foreseeable future.”
The directors reveal that the hotel achieved average room occupancy of 78.2% last year, compared to 68.5% in 2013; while the average room rate in 2014 jumped by 20% or €16 per room going from €78 in 2013 to €94.6 last year.
The firm’s operating profit jumped more than fourfold from €504,000 to €2.293m.
However, lower interest payments of €135,483 compared to €245,191 under the same heading in 2013 helped increase the pre-tax profit in 2014.
Staff costs at the hotel, which is on the site of the old Burlington Hotel, last year totalled €6.534m with the breakdown in staff made up of 209 hotel staff and 25 in management and administration.
At the end of last year, the firm had shareholder funds of €2m. During the year, the firm’s cash increased from €3.65m to €3.8m.
Its cost of sales last year increased from €9.57m to €10.14m while administrative expenses increased from €9.65m to €10.69m.
After paying corporate tax of €282,924, the firm recorded a post-tax profit of €1.875m.
The hotel was rebranded from the Burlington Hotel to the Hilton brand in October 2013, as part of a €16m phased upgrade programme, which included a new dedicated floor with 18 conference suites and meeting rooms, each facilitating up to 100 delegates.
The hotel is located on the Burlington Road and includes a conference centre that has space for up to 1,400 delegates and a dedicated business floor with 18 conference rooms.
The Doubletree by Hilton brand operates 400 hotels in 33 countries.
The Dublin property is leased by DT Sussex Road Operations Ltd and is subject to a long-term management agreement with Maple Hotels Management Co Ltd, Hilton, which manages and operates it under the Doubletree by Hilton brand.