The Jurys Doyle Hotel group expects trading profits for the first six months of its financial year to be ahead of last year despite the difficulties affecting the tourist and corporate travel sector.
Chairman Mr Walter Beatty told shareholders yesterday that its performance during the key months of September and October would determine the strength of the group's financial position for that period.
At the Jurys Doyle annual general meeting, Mr Beatty also announced his decision to retire as chairman and that Mr Richard Hooper would take on this role.
Mr Beatty was a member of the Jury's hotel group since 1972 and became chairman in 1989 and oversaw its merger with Doyle hotels in 1999.
Mr Hooper has been a director since 1993 and will take over as chairman on September 1st.
He is a former director and chief executive of the Investment Bank of Ireland's corporate finance division.
The incoming chairman paid tribute to Mr Beatty's contribution at the meeting with Mrs Eileen Monaghan, a member of the Doyle family, also complementing him on his fairness and skills in bringing the two hotel groups together.
Mr Beatty told shareholders that the business climate remained challenging for the hotel industry, particularly in Dublin and London. "These markets have been impacted by reduced corporate conference and incentive business and reduced tourist activity, particularly from the US."
The impact has been mainly felt at its four-star hotels where occupancies are broadly satisfactory but the profit yield on conference and meeting rooms has been reduced.
Trading at its five-star Berkeley Court and Westbury hotels in Dublin is ahead of the first three months of last year while Jurys Inns also performed strongly, he said.
Mr Beatty ruled out a rights issue to raise money to support the group's expansion plans.
The group will open a new Jurys Inn in Newcastle in the UK in 2003; is progressing plans to open a four-star hotel in Boston in early 2004; and will open three new Inns in Glasgow, Leeds and Chelsea between 2003 and 2004.
