Profit at Doyle Hotels slumps 67pc
Operating profit at the Doyle Hotels group, which owns properties such as the five-star Westbury in Dublin and the Marylebone hotel in London, slumped 67pc to €3.4m last year, as turnover declined almost 14pc to €84.7m.
Accounts just filed for the group, which trades as the Doyle Collection, showed that its trading position deteriorated last year as the global economic environment adversely affected its properties in Dublin, Cork, London, Boston, Bristol and New York.
The latest accounts for the company show that interest payments totalling €11.9m were paid last year, down from €13.5m in 2008. The interest repayments last year pushed the group into a €6.9m pre-tax loss. The company had net debt of €299.5m at the end of 2009, up from €255.6m at the end of 2008.
The group was previously known as Jurys Doyle before it sold its Jurys Inns business to Quinlan Private in 2007 for €1.2bn, including debt.
Shareholders, including Bernadette Gallagher and Walter Beatty, retained control of 11 high-end hotels that include the Dupont and the Normandy in Washington DC.