Hotel articles

Clontarf Castle Profit

New accounts filed by Clontarf Castle Ltd to the Companies Office show that pre-tax profits increased by 4.4% from €1.81m to €1.89m in the 12 months to the end of October 31, 201

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The business recorded the increase in pre-tax profits after gross profit went up by 6% from €6.86m to €7.27m.
The accounts disclose that the firm paid a dividend of €750,000 to its owners last year.
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Gleneagle reports loss

Gleneagle Holdings (Killarney) recorded a pre-tax loss of more than €600,000 for 2013 according to latest filings.
 The loss was partly due to reorganisational costs at the group last year, which included adding additional staff to its sales and marketing team. The loss followed a pre-tax profit of €47,348 in 2012 and arose as revenues slipped from €22.19m to €21.74m last year.
 A large increase in interest payments to €903,000 in 2013 resulted in the pre-tax loss while the group reported an operating profit of €297,245.
 
 

Dublin Right for Hotel Investment

With Dublin's economic recovery well underway the city is now offering exciting opportunities for hotel developers, particularly in the luxury and economy sectors, according to a new report from global hotel consultancy HVS London.
Hotel values continue to rise in Dublin as investment gains momentum. This year saw nine hotels with a value of over €7.5 million gaining new owners compared with just two sales at that level in 2012.
Furthermore, the average room value of Dublin's hotels rose by 6.6% in 2013 to €179,400 with values expected to rise further to €212,000 by 2018.
 
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Dalata to buy Bewleys Hotels

Dalata has announced its intention to acquire nine hotels in Moran Bewley’s Hotel Group for €455 million. The deal will be subject to clearance from competition authorities, and shareholde

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r approval at an egm on January 5th.
Dalata is acquiring nine of the Moran hotels, comprising 2,506 rooms in Ireland and Britain. The transaction does not include the Red Cow Moran Hotel and adjoining Red Cow Inn in south west Dublin, which will remain under the control of Limerick businessman Tom Moran and his wife Sheila Moran.
Dalata plans to re-brand the hotels as Maldron.
Dalata plans to issue 18.3 million new shares at €2.75 to help fund the deal. This transaction will result in it having fully invested the €265 million in proceeds it raised from its stock market IPO earlier this year.
Dalata chief executive Pat McCann said the deal would be “transformational” for the company, which is listed in Dublin and London. 
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Bumper Year for Hotel Sales

The value of hotel sales this year could exceed €600m or more than three times the level seen in 2013 when €200m worth of  roperties changed hands,according to a report inn to-day;s 'Irish Independent'.
This year already 50 hotels have sold with a combined value of €450m and a further 10 have gone sale agreed with a combined value of around €150m. 
American businessman John Malone has spent €119m this year on three hotels alone: The Westin on Dublin's Westmoreland St for which he is paying €72m as the deal also includes an adjoining AIB bank branch; €30m for the Hilton near Charlemont Luas Station and a further €17m. for the Strand Hotel, Limerick. Brehon Capital has been involved in three deals worth a combined €55m for: City West Hotel and Golf course in Saggart €30m; Killashee in Naas €13m; and Mount Juliet hotel and golf course in Co. Kilkenny, €12m.
 
The McGettigan Hotels group has also strengthened its Irish operation by acquisitions. These include the Maldron Hotel Citywest a three-star 129 bedroom hotel and adjoining Kingswood Country House for which it paid around €4m. This will bring to five the number of hotels in its Irish portfolio which include the Clanree Hotel in Letterkenny; the Ambassador in Cork; and the Millrace Hotel in Bunclody, Wexford.
 
Another factor underpinning capital value increases is the low level of new supply. The Irish Tourism Industry Confederation has signalled that Dublin needs a further 5,000 bedrooms or the equivalent of about 30 hotels. 
 
 
 

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