- FBD Hotels & Resorts reported strong performance in 2015 with €9.2m EBITDA – exceeding forecast;
- Company targeting €50m operating profits across its hotels and resorts portfolio to 2020.
FBD Hotels & Resorts have appointed Ian Graham and Peter Nugent as non-executive directors to its company board.
The appointments were announced at the AGM of Farmer Business Developments plc, where FBD Hotels & Resorts reported EBITDA of €9.2m in 2015 on the back of a strong performance across its hotel portfolio in a recovering market. This is a 48% increase on EBITDA recorded in 2014.
FBD Hotels & Resorts is the hotel and property group owned by Farmer Business Developments plc. The group is targeting €50m operating profits across its portfolio to year end 2020.
The appointments of Ian Graham and Peter Nugent to the board are timely, with both bringing significant experience in the hospitality and financial sectors respectively.
Mr Graham, a qualified chartered accountant, is an independent advisor to the international hotel industry. He founded Hotel Solutions Partnership in 2003 having held a variety of executive positions in the Europe, Middle East and Asia markets, principally with Bass Hotels & Resorts and ITT Sheraton prior to that. Mr Graham was also formerly a director in the travel, tourism and leisure practice of Andersen/Deloitte.
While Mr Graham sold the brand and business in 2013 after 10 years, he continues to provide strategic support to Hotel Solutions Partnership on a consultancy basis.
Mr Nugent has more than 40 years of experience in strategic finance projects, credit management and business operations. In recent years he has acted as a financial consultant. This included a 4-year consultancy with AIB where he provided strategic advice on debt management in Ireland and overseas.
Prior to this, Mr Nugent was a senior executive with AIB until reaching executive retirement age in 2009. He was Head of Financial Institutions Sector with AIB Corporate Banking at the time of his retirement.
Commenting on the appointments, David Kelly, Chief Executive of FBD Hotels & Resorts, said: “Last year was a strong year for us and we are very satisfied with our performance across the group; this leaves us well positioned for future development and growth.
“With both Irish and Spanish hotel and residential markets in full recovery mode and gaining momentum, it is an opportune time to have such experienced professionals as Ian and Peter join our board. Their considerable expertise is certain to enhance our business.”
FBD Hotels & Resorts own and manage three hotels in Ireland, including Castleknock Hotel and County Club, Dublin; Faithlegg House Hotel, Waterford; Tower Hotel and Leisure Centre, Waterford, and two resorts in Southern Spain: La Cala Resort and Sunset Beach Club.
Headquartered in Citywest, Dublin, FBD Hotels & Resorts employs over 700 people across its hotels and resorts portfolio in Ireland and Spain.