Fitzpatrick Enterprises, the firm behind the Fitzpatrick hotels group in the US, recorded a loss of $3.5 million (€2.8 million) for the year to October 3rd, 2002, according to accounts now available. Turnover for the year was $17.9 million.

A dividend of $37,000 was paid. The Irish-registered firm reports in dollars.

In their report, directors said they were pleased with the firm's performance "in the tough economic climate which it faced during the period".

The group's US hotels felt the effects of the September 11th, 2001 attacks "but do not anticipate any significant long-term consequences".

One shareholder director Mr P J Fitzpatrick died during the financial year. Mr John Fitzpatrick was the only other shareholder director.

The other directors during the year were Mr Brendan Gilmore and Ms Michelle Durac-Dunne.

The loss of $3.5 million for the year compared with a profit of €3.6 million the previous year. Accumulated profits at year's end were $1 million.

The accounts record the entirety of the group's turnover in 2002 occurring in the US. The previous year turnover of $8 million occurred in the Republic and $18 million in the US.

Directors' emoluments were zero, compared to $539,000 the previous year, though there were pension payments of $36,000.

The average number of persons employed during the year was 261, at a cost of €8.9 million. US land and buildings were valued at $82 million. The group hotels include the Fitzpatrick Manhattan Hotel and the Fitzpatrick Grand Central Hotel, both in New York, and and the Fitzpatrick Chicago Hotel.

During the year, as part of a reorganisation of the group, the firm sold its shares in Killiney Hotels Ltd, which operates hotels in the Republic, to an unlimited firm, Remington Merchants.