Doyle hotel bookings from the United States “surge”, says group leader
Head of Irish hotel group Doyle Collection says there has been a ‘sharp increase’ in bookings from US visitors planning to travel to Ireland next year, as the hotel industry recovers from the impact of restrictions lockdown of Covid-19.
Commenting on last year’s results to the Irish Times, Pat King, managing director of the hotel chain, described 2020 as an “exceptionally difficult year” for the group. “The stop-start impact has been felt across the company and is reflected in the 2020 results,” he said.
The accounts of Doyle Hotels (Holdings) Ltd show that it recorded a turnover of only 34.1 million euros last year, against 148.3 million euros in 2019. The group recorded a pre-tax loss of 90 million euros in 2020 compared to a profit of 8.4 million euros per year. earlier.
The group also carried out a depreciation of 47.9 million euros of its assets. The Doyle Collection comprises eight high-end properties in Ireland, Great Britain and Washington DC, including the five-star Westbury, just off Grafton Street in Dublin.
Surge for suites
It is owned by members of the Doyle and Beatty families and has its roots in a business founded by renowned Irish hotelier PV Doyle.
“As we emerge from the pandemic, trade is recovering well at our hotels in Ireland, the UK and the US,” King said. “The recovery is being driven by the leisure business, whose performance is exceeding expectations. We have kept room rates high, taking advantage of the large renovation investment we committed to before and during pandemic shutdowns.
“It is interesting to note that there has been an increase in demand for our upgraded suites, particularly the Terrace Suites in London, Dublin and Washington. Our food and beverage business also performed well.
“While the recovery in corporate business has lagged behind the leisure trade, we are now seeing a definite increase in our forward bookings and we expect the recovery in corporate trade to accelerate in the first quarters of 2022. There is also a marked increase in bookings in the United States. in Ireland next year as Americans start to travel again.
The Doyle Group has had access to a number of government supports to offset the impact of foreclosure restrictions and maintain employment levels. He received 5.6 million euros from the UK Coronavirus Job Retention Scheme and 3.4 million euros from the Irish state through wage subsidy programs.
The hotel group continued with an investment of 23 million euros in capital spending during the pandemic, with the Dupont Circle hotel in Washington DC completely renovated and 60 renovated rooms at its Marylebone and Kensington properties in London.
It refinanced its credit facilities in June 2020, which included an additional credit facility and interest capitalization. Interest expense remained stable at 9.2 million euros.