Dalata Hotel Group has reported an operating profit of €21m for 2021 on turnover of €192m.
The finance charge was €33m, resulting in a pre-tax loss for the year of €11m.
In a preliminary results statement, the company said it is optimistic about the ongoing recovery of the business.
"There has been significant pent-up demand for travel following the easing of restrictions, and due to a combination of a more benign evolution of the Covid-19 virus and high levels of vaccination, we expect this to continue.
"As more and more companies return to their physical offices, we expect this to be a catalyst for increased domestic corporate travel and the return of international corporate travel and conferences. The indication of the return of airline capacity and strong calendar of events is also promising.
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"We are also cognisant of the challenges currently facing the hospitality industry including staff shortages and inflation across payroll, electricity and gas, linen, and food and beverage purchases."
Dermot Crowley, who took over a group CEO from Pat McCann recently, described the 2021 turnover outcome as "a sizeable achievement", given that Dalata Hotels were not open to the public for much of the first half of 2021.
By November 2021, before the onset of Omicron, "like for like" Group RevPAR had reached 78% of November 2019 levels, Crowley noted.
Crowley added that Dalata agreed to extended debt facilities with its banks last November which also provides additional flexibility.
"Our institutional landlords remain committed to our long-term partnerships, and our shareholders supported us through the equity placing in September 2020 and are impacted by the continued suspension of dividends," Crowley stated.
In the first two months of 2022 Dalata opened two new hotels in Manchester and took its first steps into Continental Europe through a new leasehold interest in Hotel Nikko, a 393-bedroom hotel in Dusseldorf. There are four more hotels opening in the coming four months.
According to Crowley: "Our current pipeline comprises over 2,000 rooms and we continue to look for further opportunities. Regional UK and London remains our primary focus for growth at this time. However, we are also looking at large European cities that fit our model."
On current trading, Crowley disclosed that "like for like" occupancy was 62% in February.
Dalata Hotel Group ended 2021 with total liabilities of €930m, up from €820m the year before. Net cashflow from operating activities was €91m compared with €23m in the prior year.
Cash outlays on operating activities amounted to €36m while net cash used in financing activities was €66m. The year-end group cash balance was €41m.
The share price has rebounded strongly from a trough of 340c in December 2021 and has been trading at the 420c level recently.
