Citywest Hotel owner targets growth in profits

The owner of the country’s largest hotel, the Citywest Hotel in Dublin, has expressed confidence in it delivering double-digit percentage growth in profits and revenue this year.

Newly filed accounts show the 789 bedroom hotel, near Saggart, recorded pre-tax profits of €1.55m last year, with revenue soaring to €22.8m.

Last year was Tetrarch Capital’s first full year of ownership of the Citywest and a spokesman yesterday said: “We’re extremely pleased with the strong trading performance across all departments at Citywest in 2015, which has demonstrated how under a new ownership and management team the hotel has been transformed.

“The hotel delivered strong financial results with revenue of €22.8m. We are very confident that we will deliver double-digit percentage revenue and profitability growth in 2016 through a combination of increased occupancy, higher room rates, and hosting a larger number of high quality conferences and events, both corporate and leisure.

“This year, Citywest Hotel has attracted a strong mix of domestic (55%) and international (45%) guests and is expanding its position in the US and EMEA conference markets, following substantial upgrades to the hotel’s facilities.

"The investment we have made in new amenities and bedroom upgrades has been particularly supportive of retaining and growing Citywest’s position in the domestic leisure market.

“The investment programme we started last year is continuing, and is helping to reinforce Citywest’s position as the pre-eminent destination in Ireland to host the country’s most significant conferences and events for domestic and international groups.”

The hotel was purchased by Tetrarch for €29m in 2014 and its portfolio of hotels also includes the Marker Hotel in Dublin and the five-star Powerscourt Hotel in Co Wicklow.

The company is investing over €13m in upgrading facilities at Citywest.