Jurys puts in strong performance
Jurys Doyle Hotel Group has reported pre-tax profits up by 70% to just over 50m euros (£31.5m) during the year to 30 April. Turnover doubled to 219m euros (£138m).
The massive jump follows Jurys' acquisiton of Doyle in May last year.
Chief executive Pat McCann said: "With the successful integration of the Jurys and Doyle Groups, we now have a combined group of scale, with the financial resources and critical mass to compete in international markets."
He also confirmed that the company would be building a 240-bedroom Jurys Inn hotel in Croydon, south London, at a total cost of £15m. The hotel is due to for completion by late autumn 2001.
Chairman Walter Beatty said in a statement: "The continued strong performance of the Irish economy impacted very positively on all our hotels and inns, which attracted record numbers of visitors.
"In the UK and US, despite the strength of sterling and the dollar, we had a very satisfactory year's trading that was well above expectations."
The integration of the Doyle and Jurys groups had been successfully completed, he added. The aim was now to expand the group through "prudent organic and acquisitive growth".
The opening of a central reservations office last September had saved money and improved occupancy and yield management.
Building work on the Jurys Great Russell Street Hotel in London and the extension of the Clifton Ford Hotel, also in London, were proceeding well, Beatty said.
A modernisation programme has also started at the Berkeley Court in Dublin. This will see the complete redevelopment of the ground floor completely redeveloped and the refurbishment of 100 bedrooms.
The group's hotels had performed in line with expectations during the first few weeks of its current financial year, the company said.
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