The Mespil Hotel in Dublin enjoyed operating profits of €2.289m last year, which was a 60% rise on 2014.
Ryanair is to reduce by 3% the amount of seats out of Dublin blaming the DAA for its decision to cut this capacity. This represents an average of 4 flights a day from Dublin to 15 European destinations including 9 in the UK in 2017. Overall, 1,580 flights are to be cut in 2017 so far. Michael O’Leary believes that airfares are still to fall for the rest of 2016 by 10-12%.
Dalata reported an increase of 33% in revenue during H1. They have recently acquired the Maldron Hotel in Cork for €8.1m. RevPAR rose to €74.90.
A survey by Crowe Horwath has confirmed that profits per hotel room in Ireland were 30% higher when compared with 2015. This was attributed to a very strong domestic and foreign demand but also to a lack of pay rises within the hospitality industry. Hotel rooms in the Midlands saw profits rise by 40% per room when compared to the same period in 2015. Crowe Horwath said this was due to a demand for food and banqueting. These newly enjoyed profits will now raise further questions about whether the Government will cut the 9% VAT rate that the sector currently has the benefit of.
A new 158 bedroom hotel to be located on Sackville Street, Dublin 1 has been given the go ahead by An Bord Pleanala. Dublin has a chronic shortage of hotel bedrooms located in central locations. The developers are Tetrarch Capital who are currently in the process of getting ready to submit plans for a 400 bedroom hotel located central at Townsend Street in the city.
Business tourism in Ireland is worth an estimated €700m, and has grown 7% YoY.
Ireland has welcomed an additional 300,300 overseas visitors between June and August when compared to the same period last year. This represents a 10.8% increase. The UK accounted for the majority of visits. It is the first time Ireland has seen over 3 million visitors to its shores on a quarterly basis.