Room rate hike helps revenues jump at D4 Hilton
The former Burlington Hotel in Dublin enjoyed pre-tax profits of €2.16m last year after revenues jumped by 27pc to €29.4m.
The Blackstone-owned DoubleTree by Hilton hotel's average occupancy rate rose from 78.2pc to 80.6pc and the average room rate jumped from €94.60 to €124.
According to the directors' report, there was a strong trading performance while refurbishment and facade replacement projects were completed last year.
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 director said.
They added 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. Pre-tax profits increased marginally, from €2.15m to €2.16m. The operating profit declined marginally from €2.293m to €2.2m but lower interest payments last year resulted in the increase in pre-tax profits.
Staff costs at the hotel last year totalled €6.93m with the breakdown in the 239 staff made up of 211 hotel staff and 28 in management and administration.
At the end of last year, the firm had shareholder funds totalling €1.87m. During the year, the firm's cash decreased from €3.8m to €3.66m.
Cost of sales last year rose 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 Road in Ballsbridge, Dublin 4, and includes a conference centre that has space for up to 1,400 delegates and a dedicated business floor with 18 conference rooms.