Profits jump 20pc to €7.6 m in Irish hotel group Tifco

  • Profits jump 20pc to €7.6 m in Irish hotel group Tifco
    Independent.t. E.
    Profit before tax at Tifco hotel Irish band that has been for sale since earlier this year with €600m-plus price tag has jumped by more than 20pc last year to €7,6 m.
    https://www.independent.ie/business/irish/profits-jump-20pc-to-76m-at-irish-hotel-group-tifco-37205109.html
    https://www.independent.ie/business/article37205108.ece/350fa/AUTOCROP/h342/2018-08-11_bus_43182559_I2.JPG

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Profit before tax at Tifco hotel Irish band that has been for sale since earlier this year with €600m-plus price tag has jumped by more than 20pc last year to €7,6 m.

The company, which owns or manages 24 properties, including the famous Clontarf castle hotel in Dublin and the metropole in cork, said that he benefited from rising prices for hotel rooms during the year.

Tifco owns 18 hotels in its portfolio.

Turnover rose 7.5 PC of the Euro in the past year, 37.2 m, According to accounts just filed for the business.

“The occupancy rate and average room rate continued to show strong growth and revenue per room grew by 10.2 PC,” the Directors said in the accounts.

Managing Director ENDA O ‘ the world refused to comment on the results or the sales process, which was initiated for the group earlier this year, “Goldman Sachs”.


End O ‘ the world, managing Director of Tifco hotel group, which owns or manages 24 properties

Goldman Sachs is one of the leading Tifco 2014, when it bought the debt of a hotel group from Irish Bank Resolution Corporation, formerly Anglo Irish Bank.

Tifco sales will include properties throughout the country, and the new owner will also have the opportunity to pre-Finance a new 392-room hotel on Dublin’s Townsend Street.

Shareholders Tifco minorities include conducted Electrical founder Gerry Houlihan, whose family also owns the Clontarf castle.

Tifco plans to expand some of its properties.

Earlier this year, she filed a motion for leave to add a five-story extension to the hotel, she owns near the airport of Dublin.

That will increase the number of hotel rooms from 60 to 269.

In 10.2 PC growth in the company Tifco for the room in the past year exceeds that achieved in this sector.

In the recently published annual review of the accounting practice of Crowe found that revenue per room across the country rose 7pc in 2017. In Ireland, the revenue per available room was 9pc higher.

Increasing the profitability of the hotel in General is becoming increasingly likely that the special VAT rate of 9pc, which belongs to the sphere, and a limited number of others, will be cancelled in the next budget.

It was introduced as a temporary measure in 2011, during the financial crisis.

In the review of the 9pc VAT rate, published last month, the Finance Ministry said that it cost the exchequer €2.6 billion since its inception in 2011, and now the “significant irreversible”.

The Department noted that the decline in value of €490m in 2017.

The accounts for Clontarf castle show that its pretax profit rose last year by more than € 1 million to €3,6 m. Its turnover rose to €12.3 m from €11.6 m.

The company behind the hotel paid €1.5 m dividend to the owners.

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