Irish-owned Doyle Collection hotel group returned to profit in 2013, reports The Irish Times, a year when the company sold three of its properties in the U.S. and refinanced its bank debt. Latest accounts show that the company recorded a profit after tax of €4.1 million last year compared with a loss of €3.5 million in 2012.
Turnover for the Irish hotel group fell to €108.5 million from €126.5 million last year. This reflected the impact of the sale of three hotels in the US: the Back Bay in Boston, and the Normandy and Courtyard properties in Washington, D.C.
The Doyle group achieved net proceeds of €108.9 million from the sale of the U.S. hotels. They had been valued on the books at €107.1 million, thereby releasing a profit of just under €1.8 million to the group.
The Doyle Collection comprises eight hotels in Ireland and Britain, including the Westbury in Dublin.
The group has continued to invest in its portfolio, with €7 million in capital additions during 2013 and €10 million this year.