The Doyle Collection hotel group recorded strong increases in its turnover and earnings last year, helped by revenue growth of nearly 11 per cent from its UK hotels.
Latest accounts for Doyle Hotels (Holdings) Ltd show turnover rose to €186.5 million last year, up 7.3 per cent on 2023. This was described as a “steady growth in trade” in the directors’ report.
Its trading Ebitda (earnings before interest, tax, depreciation and amortisation) rose by just under 12 per cent to €32.3 million.
The hotel group’s after-tax profit for the year rose marginally to just under €10 million, due to a €4.3 million tax credit recorded in the year to the end of December 2024 compared with a €4 million charge in the previous reporting period.
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At an operating level, its profit reduced to €9.9 million from €23 million a year earlier, largely due to a €15 million reversal related to the valuation of its properties.
In Ireland, the Doyle’s three hotels – the five-star Westbury off Grafton Street, the Croke Park hotel in Dublin, and the River Lee in Cork – recorded revenues of €71.1 million, up from €68.7 million a year earlier.
In the UK – where it has three properties in London and one in Bristol – its income increased to €84.6 million from €76.5 million while its revenues from the Dupont Circle hotel in Washington, DC rose to €30.8 million from €28.6 million in 2023.
The company said its trading improved due to the benefits of investment in refurbishments and a strong performance in the London luxury hotel market.
The group has spent €50 million over the past four years upgrading its properties, including €10.4 million in 2024.
This included a full refurbishment of 42 bedrooms plus suites in the Westbury Hotel in Dublin and significant upgrading in each of its London properties.
The Westbury is currently undergoing a €15 million refurbishment of its second- and third-floor bedrooms this year, which will conclude in early 2026.
Separately, the River Lee hotel in Cork is getting a €14 million investment to bring it to five-star level, while the Croke Park is commencing a refurbishment of its entire 232 bedrooms.
In terms of the year to date, the Irish hotel chain said trading in London has remained strong with occupancy up year on year.
Trading in Ireland is marginally up but the cost of doing business remains a factor, including the introduction of pension auto-enrolment and a rise in the minimum wage.
Trading in Washington has been impacted by a softening in the local market, with a reduction in the number of conventions in the city.
In revenue terms, the Doyle group said it was ahead of last year by a mid single-digit percentage.
Commenting on the results Bernie Gallagher, chair of Doyle Hotels (Holdings) Ltd, said: “Against a background of geopolitical volatility, the international travel market has remained buoyant in both high-end corporate and leisure business. Continued investment in our assets remains a priority, particularly given the increase in new five-star hotels in the London market and internationally.
“We are committed to continually enabling the Doyle Collection and Irish hospitality to compete, on an international level, with the very best luxury brands in the sector. This is achieved through ongoing investment, a strong culture and the hard work of our team.”
The group employed 1,352 full-time equivalent staff last year with payroll costs rising by almost €5 million to €72.7 million.
Compensation paid to key management personnel, including directors, fell last year to €3.9 million from €4.4 million previously.
