Budget hotels and big-city recovery boost Jurys

07 September 2004
Budget hotels and big-city recovery boost Jurys

Jurys Doyle Hotel Group increased pre-tax profits by 1.5% during the six months to 30 June 2004, thanks to a recovery in London and Washington and a strong performance from its budget hotels.

Turnover increased by 9.1% to €135m (£92m), while pre-tax profits, excluding profits on hotel disposals, rose to just under €22m (£15m).

During the period the company sold the four-star Jurys Limerick Hotel, which realised a profit of €193,000 (£131,500) over book value.

Jurys said: "The satisfactory outcome for the six months ended 30 June was achieved against the background of continued business recovery in the London and Washington hotel markets, where we operate a total of nine properties, together with a very strong performance from our Jurys Inns Division as a whole - especially from our recently opened new Jurys Inns in the UK."

It added that the performance would have been even better but for the business environment in its Irish four-star hotel operations, which had remained "subdued" during the period.

Although occupancy levels were largely unchanged compared with 2003, conference and incentive travel had remained weak, resulting in a decline of 3% in revenue per available room (revpar).

Combined with a 3% increase in operating costs, this led to a 24% fall in trading profits at the Irish four-star hotels.

By contrast, the group's UK hotels group reported a 13% rise in trading profits, led by its three four-star hotels in London, where occupancy increased by 18%. Trading profit here increased by 28%.

Jurys's three hotels in Washington DC saw trading profits rise by 30%, with occupancies up from 85% to 87% and revpar advancing by 18%.

The Jurys Inns Division in Ireland and the UK reported trading profits up by 29%.

Trading profits at the five Jurys Inns In Ireland were static, but at the 10 Jurys Inns in the UK they grew by 41%, led by revpar growth of more than 8%.

A 248-bedroom Jurys Inn in Leeds opened on 27 February and a 172-bedroom property in Chelsea, west London, opened on 8 April.

A new four-star, 225-bedroom Jurys Hotel opened in Boston, USA, on 2 July 2004.

The planned hotel at Heathrow
In August 2004, the 16th Jurys Inn opened on Dublin's Parnell Street. It has 253 bedrooms. A new 364-bedroom Jurys Inn at London's Heathrow Airport is planned to open ahead in late autumn 2004 and Jurys Inns in Southampton and Nottingham in 2005. Buy this week's *Caterer* magazine for more industry news and analysis
TagsFinance and Trends
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