Turnover rise lifts Hilton Irish hotels back to profit
HILTON Hotels Irish arm benefited from a better economic situation last year as it made a profit of €253,000 from two managed hotels it operates in Ireland.
That compared with a €1.1m loss it recorded the previous year after it shouldered costs related to exiting a contract.
The hotel group said in accounts just filed for 2011 that turnover from two managed hotels it operates here rose 23pc last year to €652,000 from nearly €529,000 a year earlier.
Directors at the firm said the rise was "primarily due to increased incentive fees resulting from improving performance following the economic downturn".
They added: "The primary driver behind the movement in the operating profit is the non-recurrence of the 2010 exceptional item."
The company incurred an exceptional item totalling nearly €1.3m in 2010, including legal fees and compensation it paid following the termination of a management agreement and associated legal case.
The accounts for 2011 show that administrative expenses at the company rose from €338,000 to €385,000, while it had a deferred tax asset of almost €147,000 at the end of the year.
Hilton Hotels operates and manages a number of hotels in Ireland. They include the Conrad in Dublin and a hotel close to the capital's airport.
The Hilton Hotel group said this week that it had no plans to shut its hotels in Lebanon, which have been hit by regional fallout from unrest in Syria, while it has also announced that it is building its fifth hotel in Argentina.