FBD Hotels & Resorts increased its earnings by almost half in 2015.

The hotel group has announced earnings of €9.2m last year, a rise of 48% over 2014.

The company was reporting on a strong performance due to a recovering hospitality market at the AGM of its owner Farmer Business Developments.

Farmer Business Development has owned the company since FBD Insurance was forced to sell its 50% stake in the business for €48.5m in October 2015.

FBD Hotels runs the Castleknock Hotel and Golf Club in Dublin, the Faithlegg House and Tower Hotels in Waterford, and the Sunset Beach Club in Spain. It employs 700 staff.

FBD Hotels is also currently developing its La Cala resort near Malaga in Spain for an estimated €40m.