Five-star hotel operators submit plans to NAMA
The couple had their lavish wedding reception at the Co Leitrim hotel in July 2010, and accounts just filed by Lough Rynn Castle Ltd, confirm that the company recorded a loss of €145,330 during that year.
However, hotel director of the Hanly Group, Clement Gaffney said yesterday the company recorded a trading profit during 2010. He said the loss takes account of rent of €250,000 paid by the company to owners, Alan and Albert Hanly in addition to non-cash depreciation costs of €91,000.
He said: “The success of the Brian O’Driscoll and Amy Huberman wedding resulted in an increased profile for the hotel and this helped in growing revenues in a difficult economic environment.”
The abridged accounts do not provide a revenue figure, but Mr Gaffney stated revenues at Lough Rynn increased by 2% in 2010.
He said that while 2010 was a difficult time for all businesses operating within the hospitality sector, Lough Rynn traded well during this time.
He said: “In 2011, stronger growth in revenues has been achieved and current expectations for 2012 are for continued strong growth in international revenues, combined with maintaining current levels of domestic business.”
A note attached to the accounts, says the company has been dependent on former director, Alan Hanly to continue to provide interest free loans. He resigned as director in July 2010.
The note states: “The former director has indicated his willingness to continue providing his support to the company and the company has submitted detailed business plans to NAMA.
“The directors have undertaken a comprehensive review of the activities of the company with a view to cutting costs and increasing revenue streams.”
Mr Gaffney said the group’s business plan is currently being reviewed by NAMA “and we currently enjoy their support”.
Lough Rynn commenced trading in 2006. Mr Gaffney said it employs 66 and contributes €2.6 million to the local economy annually.
Along with Lough Rynn, the Hanly Group also operates Kilronan Castle hotel in Co Roscommon. Mr Hanly said both hotels are “very successful”.
Accounts for Kilronan Castle Ltd show the hotel recorded a loss of €569,773 in 2010.
However, Mr Gaffney said the hotel recorded a trading profit of €529,000 after taking into account rent of €944,000 and depreciation charge of €155,000.
The hotel employs 77 and contributes €3.2m annually to the local economy.
“The year-on-year growth in revenues of approximately 10% reflected a significant increase in international revenues and a slight increase in domestic revenues. In 2011, continued strong growth in revenues has been achieved and current expectations for 2012 are also for strong growth, particularly in international revenues,” Mr Gaffney added.
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