The Hodson Bay hotel group is to open a new €15 million eco-tourism retreat this summer in Athlone, having increased its revenues last year by 2.5 per cent to more than €60 million.
Group chief executive Padraig Sugrue said the group’s Hyatt Centric hotel in Dublin city was its best performing hotel in the chain recording €17.5 million in revenues for the 12 months to the end of February last.
Along with the Hyatt Centric in Dublin’s Liberties, the group also operates the four-star Hodson Bay outside Athlone; the four-star Sheraton in Athlone town centre and the four-star Galway Bay hotel.
Consolidated accounts for the three hotels outside the capital are contained in Shermond Holdings Ltd and they show that pre-tax profits increased by 2.6 per cent to €4.72 million in the year to the end of February last.
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The O’Sullivan family-controlled group is to add to its accommodation this summer with the opening of Yew Point, set on “a 145-acre regenerative tourism retreat” close to the Hodson Bay hotel.
Mr Sugrue said that the destination would include 36 A-framed cabins where guests will be able to enjoy an immersive experience, including wellness areas.
An economic analysis lodged with the planning application for Yew Point estimated that the site could generate additional tourism spend in the area of between €35.1 million and €38.8 million over its first 10 years.
Mr Sugrue said that Yew Point was currently under construction and would employ 50 people when operational.
He said wage costs across the group including the Hyatt Centric Hotel - last year totalled €23 million. Some 750 people are employed across the four hotel properties.
Mr Sugrue said that over 75 per cent of guests at the Hyatt Centric are from overseas “where the US market continues to perform well for us”.
Accounts for the Hyatt Centric have yet to be filed but those for Shermond show that the three other hotels (in Athlone and Galway) recorded a combined operating profit of €5.4 million, with net interest costs of €727,384 resulting in a pre-tax profit of €4.72 million.
A corporation tax charge of €795,233 resulted in an after-tax profit of €3.9 million.
Shermond’s revenues were €42.1 million for the year.
At the end of February last, shareholder funds at Shermond were €39.6 million, including accumulated profits of €36.8 million.
