Pat Doherty’s Harcourt Development Group recorded pre-tax profits of €7.58m in 2022, following a revenue increase of €35m.
The group, which operates five hotels, including the renowned Lough Eske Castle Hotel in Co Donegal and the Carlisle Bay in Antigua, experienced strong performance in terms of revenue and profitability in 2022 and this positive trend has continued into 2023.
Hotel occupancy levels in 2022 have returned to pre-pandemic levels, indicating a significant recovery in the industry.
In response to the increased demand, the group’s directors are actively planning upgrade and extension projects for several hotels to accommodate the additional demand.
The group’s operating profits rose by 50pc to €39.14m, but overall profits were reduced to €7.5m due to interest payments.
The group’s operating businesses were reported to be trading strongly, despite inflationary pressures.
The group sold its six shopping centres and reached an exit agreement with its main lender, releasing security with the exception of the Bahamas. The residual debt is being transferred to a related party.
