FBD Property & Leisure has announced that it is on course to post record profitability this year.
The company is forecasting total EBITDA of €9m to year end 31 December 2015, representing an increase of more than 50 per cent on the previous year.
FBD Property revealed that it will go ahead with its €7.5m investment plan for 2016 as part of its growth strategy, including €5.5m development at Castleknock Hotel and Country Club, with the company targeting €50m operating profits across hotel and resort portfolio over next five years.
FBDPLL own and manage three hotels in Ireland, including Castleknock, Faithlegg House Hotel (pictured) and Tower Hotel, in Waterford, and two resorts in Southern Spain: La Cala Resort and Sunset Beach Club.
The company is targeting €50m operating profits across its portfolio over the next five years.
Looking ahead to 2016, the company is poised for further development and growth, said Chief Executive, David Kelly.
"This is an exciting time for FBDPLL. We have an ambitious five-year growth strategy and are already seeing significant growth in EBITDA this year," he said.
"The Irish hotel market is now firmly in recovery mode, with performances across the industry increasing year-on-year. We are also seeing positive momentum building in the Spanish hotel and residential property sectors.
"With revenues on the up across our portfolio, our development plan – including a significant capital investment – means that our business is in a strong position to compete and grow.
"We are delighted to be in a position whereby we can bring an additional 46 rooms to the Dublin market, where the demand for hotel rooms is at its highest."
