The Gresham Hotel Group has reported pre-tax profits before exceptional items of €1.7 million for last year, an increase of 40 per cent on the 11 months to the end of 2002.
Gresham, which formerly traded as the Ryan Hotel Group, owns the Gresham and Royal Marine Hotels in Dublin as well as hotels in London and Europe.
The company reported that turnover fell from €50.7 million to €47.9 million, reflecting the sale of the three Ryan hotels in Galway, Limerick and Killarney for more than €35 million.
Last year the group posted a pre-tax loss of €394,000 for the six months to June 30th, 2003, when trade in the sector was hit by the war in Iraq and concerns over the SARS virus, particularly among US customers.