Sean O’Driscoll, chief executive of the iNua Collection, has been chosen as The Irish Times Business Person of the Month for August, an award run in association with Bank of Ireland.
Results published for the hotel chain during the month showed a strong level of business last year, as it continued its rebound from the impact of the pandemic on the Irish hospitality sector.
Its operating profit for the year rose to just under €4 million, up from €2.4 million in 2022. Its revenues rose by almost 7 per cent to €72.8 million.
Mr O’Driscoll told The Irish Times that the total occupancy for the eight hotels in the group was 83 per cent last year, up 7.5 percentage points on 2022. He said average room rates increased by 6 per cent in the year, “although growth slowed following the increase of the VAT rate to 13.5 per cent on September 1st, 2023″.
‘Successful year’
In the accounts, the directors of iNua hailed 2023 as a “very successful year for the business” as its revenues continued to recover from the impact of the pandemic and it completed a crucial deal to refinance its debts.
The accounts covered a portfolio of eight hotels, a mix of four and five-star properties, including the Radisson Blu Hotel & Spa in Limerick, and the Muckross Park Hotel & Spa in Killarney, Co Kerry.
INua is affiliated to Cliste Hospitality. which has a portfolio of 16 properties, including a number of hotels operated on behalf of their owners. Cliste is one of the biggest hotel groups in the country.
