The directors of the five-star Castlemartyr Hotel believe it will become profitable in the coming years after posting a loss of over €564,700 last year.
That is according to new accounts filed by Castlemartyr Country Hotel Resort Ltd in which the directors say that the loss was “in line with expectations due to the nature of any start-up business of this scale”.
The figures cover the 12 months to the end of March 2018. Revenues increased 7% to €10.1m in the period.
Hotel general manager Brendan Comerford said the Cork firm is happy with the trading figures and that it hopes to continue to expand sales.
In the accounts, the directors state that they plan changes in marketing and refurbishment to increase sales and help put the company into the black.
British businessman Martin Shaw bought the 220-acre resort for €14m in September 2015.
The property includes 103 rooms, a manor house, a 13th century Norman ruin, a lake, lodges, as well as a golf club.
Guests have included Bill Clinton and Bruce Springsteen.
Staff numbers rose from 210 to 296, and staff costs increased from €4.4m to €4.6m, according to the accounts.
The loss last year included a non-cash depreciation charge of €568,103 and also takes account of interest charges of €31,328.
A breakdown of revenues show accommodation sales totalled €3.5m, with food sales amounting to €2.8m and beverage sales contributing €1.4m to revenues.
The resort’s golf activities also made a sizeable contribution to revenues.