Tifco hotels group plunges into red but quarantine contract cushions hit to revenues    

New accounts show it posted a pre-tax loss of more than €1.1m, as revenues fell to €11.8m from almost €36.5m in 2019

The Dublin Airport Crowne Plaza, one of Tifco's mandatory quarantine hotels.

Tifco, the hotel group that helps run the Government's Covid quarantine facilities, fell into the red last year.

New accounts for Ireland’s second largest hotels group show it posted a pre-tax loss of more than €1.1m, as revenues fell to €11.8m from almost €36.5m in 2019.  

Its hotels include the Crowne Plaza at Dublin Airport, Blanchardstown, and Dundalk. It also has the Hilton Hotel at Kilmainham, the Holiday Inn Express at Dublin Airport and other properties. 

Tifco last year cushioned some of the hit to its revenues by securing a number of contracts from the State. A note attached to the accounts says the contracts have continued into 2021.

Quarantine contract worth €5.4m

Earlier this year, documents from the Department of Health showed the quarantine contract was worth €5.4m for an initial three-month period. According to the documents, the hotel quarantine system will be “of neutral value” to taxpayers because travellers will be charged for the facilities. 

Directors at Tifco said the pandemic "has severely impacted the business in 2020".

“We have been able to mitigate some of this risk by being awarded a contract for hotel quarantine services,” they said. 

Tifco employed 183 people last year, down from 297 the previous year. Staff costs fell to €3.1m from €9.8m. The accounts say the staff costs were "net of Government wage subsidy”.