Travelodge addition helps lift Tifco hotel profits
The performance of the no-frills Travelodge chain of budget hotels contributed to four-fold increase in pre-tax profits at hotel operator Tifco in 2017.
Newly-filed accounts for Tifco’s holding company Halstonville Ltd show profits jumped to €11.89m in 2017, with revenues increasing by 53% to €69.63m.
Tifco is the country’s second largest hotel operator behind the publicly listed Maldron/Clayton chain owner Dalata.
As well as owning a Hilton Hotel property and a Holiday Inn Express, Tifco acquired 13 Travelodge properties in late 2016.
US private equity firm Apollo Global Management agreed to acquire Tifco, for around €600m, last year.
Tifco’s pre-tax profit in 2017 takes account of non-cash depreciation and amortisation costs of €6.1m and interest charges of €3.3m.
The group recorded a post-tax profit of €9.7m after paying corporation tax of €2.15m.
Continuing with its expansion, the group confirmed that in 2018 it paid a deposit to purchase a site in Dublin that has secured planning permission for a hotel development.
The accounts confirmed that the group committed capital spend of €41.6m and is committed to purchase sites in Dublin with a maximum exposure of €24.7m.
Staff costs in 2017 increased from €13.1m to €19.86m.
Directors’ remuneration increased from €412,900 to €480,900. Pay to key management personnel totalled €779,504.
