The Doyle Collection hotel group recorded a strong bounce back last year with its turnover and profits almost trebling following “steady growth” in tourism and leisure activity, and corporate business.
Latest accounts for Doyle Hotels (Holdings) Ltd show that turnover rose to €147.7 million last year compared with €53.2 million in 2021, when many Covid-19 public health restrictions were still in place.
The hotel group posted a pretax profit of nearly €28 million last year compared with a surplus of just under €8 million in 2021. Its trading Ebitda (earnings before interest, tax, depreciation and amortisation) was €20.9 million, an improvement of €28.6 million on the previous year.
The company said the improved turnover for 2022 reflected the removal of Covid-19 public health restrictions in the first quarter of the year and subsequent improved trading across its three markets – Ireland, the US and the UK.
The Doyle Collection operates eight hotels in Dublin, Cork, Bristol, London and Washington DC, including the five-star Westbury Hotel off Grafton Street in Dublin.
Its headcount increased to 1,170 from 753 in 2021, while its bill for wages and salaries rose to €52.5 million last year from €29 million in the previous 12-month period.
The group received just under €2 million from the State’s Covid-19 Employee Wage Subsidy Scheme in 2022, down from €5.8 million a year earlier. Total pandemic-related supports from its three markets amounted to €2.8 million last year, down from €8.5 million in 2021.
The Doyle Collection is owned by members of the Doyle and Beatty families and traces its roots back to a company founded by well-known Irish hotelier PV Doyle.
Its Irish hotels achieved revenue of €59.7 million during the year, up from €21.4 million in 2021. In the UK, it posted income of €65.9 million compared with €26.4 million a year earlier. In the US, the Dupont Circle hotel in Washington DC achieved revenues of €22.1 million, up from €5.4 million.
The directors reviewed the carrying value of the hotel properties on December 31st 2022. A net reversal of impairments on hotel properties of €27.4 million was recognised in the profit and loss account.
Bernie Gallagher, chair of The Doyle Collection, described 2022 was a period of “recovery” for the group. “Our hotels in Ireland, the UK and the US all experienced a resurgence in demand with very good occupancy levels across the portfolio,” she said.
“The resurgence in demand has carried through into 2023 with sustained tourism and leisure trade and a significant bounce back in corporate business. Ireland has particularly benefited from inbound international tourism from North America and Europe.
“We continued to invest in our hotels to maintain our market position as an international luxury group. This year, we completed a major renovation in The Westbury Hotel adding 18 new luxury suites including The PV Doyle Suite, named after our founder. We also invested in the refurbishment and upgrade of bedrooms and other facilities in the Bristol, Marylebone and Bloomsbury hotels.”
The interest charge for the Group in 2022 was €10 million, slightly higher than a year earlier. Its borrowings amounted to €252 million at the year end compared with €277 million at the end of 2021.
Directors remuneration was €689,000 versus €411,000 in 2021 while pay to key management personnel (including directors) came to €2.5 million last year, up from €2.1 million a year earlier.
