The DoubleTree by Hilton, the refurbished hotel in Dublin 4, last year enjoyed pre-tax profits of €2.16m after revenues jumped by 27% to €29.4m.
The increased revenues come after room rates increased from €94.60 to €124 and the average occupancy of the hotel increased from around 78% to almost 81%.
According to the directors’ report, the major contributor to the increase in turnover can be attributed to the strong trading performance of the hotel as well as the capital expenditure refurbishment project and facade replacement project completed in 2015.
The directors state that “the trade has benefited substantially from the completion of the refurbishment projects in the period, which enabled higher rates to be charged in comparison to prior periods”.
The directors add that “also under the continued management of Hilton, focus has been placed on growing rates as well as improving the profitability of the hotel.
The firm last year paid a dividend of €2m, while pre-tax profits increased slightly from €2.15m to €2.16m.
Operating profit declined marginally from €2.293m to €2.2m and the firm paid a smaller amount in interest payments.
Staff costs at the hotel last year totalled €6.93m. It employs 239 staff made up of 211 people working in the hotel and 28 working in management and administration.
At the end of last year, the firm’s shareholder funds totalled €1.87m. During the year, the firm’s cash fell from €3.8m to €3.66m.
Its cost of sales last year increased from €10.14m to €11m, while administrative expenses increased sharply from €10.69m to €16m.
After paying corporate tax of €293,426, the firm recorded a post-tax profit of €1.87m.
The hotel is located on Burlington Rd 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 different countries.
The Dublin hotel, which is leased by DT Sussex Road Operations Ltd, 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.
Property rent expenses for the year totalled €8m.
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