Citywest Hotel owners target growth after strong results
The owners of the country's largest hotel, Citywest, are very confident of delivering double- digit revenue and profit growth this year, after new accounts revealed the 789 bedroom hotel recorded pre-tax profits of €1.55m as revenues soared to €22.8m.
Last year was Tetrarch Capital's first full year of ownership of Citywest. "We're extremely pleased with the strong trading performance across all departments at Citywest in 2015, which has demonstrated how, under a new ownership and management team, the hotel has been transformed," a spokesman said.
"The hotel delivered strong financial results with revenue of €22.8m.
"We are very confident that we will deliver double-digit percentage revenue and profitability growth in 2016."
It aims to do this through combining increased occupancy, higher room rates.
Tetrarch also plans to host "a larger number of high-quality conferences and events, both corporate and leisure".
The spokesman added: "This year Citywest Hotel has attracted a strong mix of domestic (55pc) and international (45pc) guests and is expanding its position in the US and EMEA conference markets, following substantial upgrades to the facilities."
The hotel was purchased by Tetrarch for €29m in 2014.
Its portfolio also includes the Marker hotel in the Docklands business district in Dublin and the five-star Powerscourt hotel in Co Wicklow.
"Tetrarch is investing over €13m in an upgrade at Citywest in order to strengthen the hotel's position as Ireland's leading conference, event and leisure hotel," said the spokesman.
Currently, Citywest has an application before An Bord Pleanála that will allow it, if successful, to stage concerts at its convention centre.
The plan is being opposed by the owners of the 3Arena, Live Nation.