2nd Mar 2016 10:02
LONDON (Alliance News) - Dalata Hotel Group PLC on Wednesday reported a huge boost to profit in 2015 after adding 15 new hotels to its portfolio.
The Irish hotel company said its pretax profit in 2015 multiplied to EUR28.5 million from EUR4.2 million in 2014, as revenue more than doubled to EUR225.7 million from EUR79.1 million, driven by 15 hotel acquisitions.
Group revenue per available room increased 21% on the back of a 14% uplift in average room rates.
Since the year end, Dalata has bought a further hotel in Dublin, exchanged contracts to buy a hotel in Sligo, bought a site in Dublin to build a new hotel, and exchanged contracts to purchase the leaseholds interests of four hotels in Dublin, Cork, Limerick and London.
Dalata added that trading in the first two months of 2016 was stronger than expected in Ireland and in line with expectations in the UK, but that sterling weakness may hit euro-translated earnings from the group's UK hotels.
"I believe 2016 will be another busy and exciting year for all at Dalata. Subject to receiving approval from the Competition & Consumer Protection Commission, we will focus on the integration of the hotels that we have acquired since the end of the year. We will also continue to maximise the returns from our acquired portfolio of hotels," Chief Executive Pat McCann said in a statement.
Shares in Dalata were trading up 4.1% at 372.25 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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