One of Northern Ireland’s most prolific hotel groups is already seeing its £53m investment into a new hotel pay off, just one month after launch, reporting a rise in turnover and profits in its latest company accounts.
Hastings Hotel Group, which owns and operates seven venues across the north, saw its turnover increase by 7.8 per cent to almost £40m in the year ending October 31.
Pre-tax profits increased marginally from £4.9m to £5.2m over the 12 months.
The group launched its latest venture the 300-bedroom Grand Central Hotel in Belfast just last month, with an investment of £53m. It is said to be the north’s largest and most expensively constructed hotels.
In the Companies House report, directors said that the group was ‘well placed to manage its business risks successfully, despite the current uncertain economic outlook,’ and said the group will ‘continue to seek every opportunity to increase profitability’.
The directors also paid tribute to its founder, Sir William Hastings, who passed away in December aged 89.
“Sir William, almost single handedly built up the group from the 1960s to what it is today. The group was his life and he is sorely missed by the directors and staff.”
The complete Hastings Hotel Group consists of Belfast’s Europa, Stormont, and Culloden hotels, as well as Derry’s Everglades, Larne’s Ballygally Castle and Newcastle’s Slieve Donard, plus now the Grand Central Hotel.
The group also owns a 50 per cent stake in Dublin’s Merrion Hotel.