City hotels help push up profits for Ryan

03 May 2001
City hotels help push up profits for Ryan

Ireland-based Ryan Hotels, which is planning a change of name to the Gresham Hotel Group, saw profits before tax rise by 4% to IR£9.3m (£5.8m) during the year to 25 January.

Turnover was up by 21% to IR£56.3m (£35m).

Occupancy increased by one percentage point to 81%, with room yield up by 5%.

Ryan said the results reflected a strong performance from its city centre hotels, particularly those in Dublin and on the Continent.

Its hotels in Cork and London were refurbished during the year. The Metropole in Cork also had a revamp.

The name change to Gresham and a splitting of the group into four-star hotels under the Gresham name and three-star hotels under the Ryan banner is planned for June, subject to shareholder approval.

The group said it was still looking at acquisitions, particularly in city centres, but had been unable to find suitable hotels at the right price.

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