Pat Doherty’s Hotel Firm Sees a Rise in Revenue to €129 Million

Pat Doherty's
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Pre-tax earnings for Pat Doherty’s Harcourt Development Group were €7.58 million in 2022.

The group’s parent company, Marzocco UC, has released new consolidated statements that demonstrate the return to pre-tax profit. The group’s revenues increased by €35 million, or 37 percent, from €94.23 million to €129.3 million.

The group’s operating profits rose by 50% to €39.14 million, while profits fell to €7.5 million mostly as a result of €29.45 million in interest payments.

A notation in accounts approved on December 22nd, 2018, notes that “all of the group’s operating businesses were trading strongly” at the time the financial statements were approved.

According to the memo, the business “has managed the inflationary pressures in relation to energy costs, interest rates, and construction materials while continuing to trade positively” in 2023.

The business sold its six shopping centers here in July of last year, according to the reports, after putting them up for sale in 2022.

According to a note, the major lender of the Harcourt Developments Group, the Luxembourg-based EPF, and the parties negotiated an exit deal at the same time. The withdrawal agreement discharged all of EPF’s remaining security in the Harcourt Group, with the exception of the Bahamas.

A linked entity is currently receiving the remaining EPF debt, which “is a very positive development.”

With its headquarters located in Dublin, the Marzocco group maintains holdings throughout the UK, Europe, the US, and the Caribbean.

All five of the group’s hotels—including the upscale Carlisle Bay in Antigua and the five-star Lough Eske Castle Hotel in County Donegal—performed admirably in 2022 “in terms of revenue and profitability and this trend has continued into 2023.”

The business is “now actively planning upgrade and extension projects for several hotels to cater for the additional demand,” according to the directors, who also stated that hotel occupancy levels in 2022 returned to pre-pandemic levels.

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