By Gordon Deegan
The directors of the five-star Castlemartyr Hotel in Co Cork say the hotel will become profitable after it posted a loss of over €531,000 last year.
According to new accounts by Castlemartyr Country Hotel Resort Ltd, the directors said the loss in the 12 months to the end of March was “in line with expectations due to the nature of any start-up business of this scale”.
The 220-acre resort was acquired in September 2015 for €14m by British businessman Martin Shaw, who also owns a large golf resort called Old Thorns Manor House near London.
The sale at Castlemartyr included a five-star, 103-bed hotel and a historic manor house and 13th-century Norman castle ruin, lake, a golf course, 19 modern courtyard lodges and nine gate lodges.
Online room rates at the hotel for next weekend range from €190 to €495 for a grand suite.
The loss last year followed a loss of €642,275 for a six month period in 2016.
The directors said they plan a number of changes in the areas of marketing, advertising and refurbishing the hotel to return it to profitability.
The directors believe that “the company can become profitable over the coming years”.
The number of staff working in the hotel rose from 198 to 217, including a hotel staff of 186, 19 managers, and 12 administrators.
Staff costs last year ran to €4.42m.
The firm’s cash declined from €734,111 to €97,368.
The prior-year accounts confirmed the purchase price for the hotel with the accounts showing that the hotel paid €14m to acquire assets.