That is according to the hotel’s general manager, Rory O’Sullivan, who said yesterday that the hotel is on course for “a very healthy profit” this year.
Mr O’Sullivan was commenting on new accounts filed for the hotel that show that the business recorded losses of €208,488 in its first 12-month period to the end of December last under new ownership.
After taking account of non-cash depreciation costs of €203,432, Mr O’Sullivan pointed out that the business broke even on a cash basis in 2014.
“We are delighted with how this year has been going and the 20% increase in revenues is without laying down an additional concrete block,” he said.
Mr O’Sullivan said that the hotel has invested €2m in refurbishing rooms and upgrading its golf course.
He said that advance bookings for 2016 are already 15% up on this time last year.
“Repeat business from domestic visitors is very strong while the North American market has been strong during the year as well,” he said.
Galway developer John Lally took over the luxury hotel in July 2013.
The sale price for the 46-bedroom hotel was not disclosed.
However, accounts filed by Baswal Ltd show that €5m was spent to acquire tangible assets with €708,159 appearing under that heading last year.
Glenlo was given a guide price of €4m when it was put on the market through CBRE in March 2012 by receivers Aengus Burns and Michael McAteer of Grant Thornton.
Mr O’Sullivan, who took up his post late last year after working at the five-star Park Hotel in Kenmare for a number of years, said that the hotel is reaping the dividends of the €2m investment.
He said the hotel supports 70 to 80 full-time positions.
Staff costs last year jumped from €606,788 to €1.58m, with the large increase attributable to the prior period being for six months.
Glenlo sits on 140 acres and lies about 5km north of Galway city and the new figures lodged with the Companies Office show that the firm recorded the loss after it generated a gross profit of €2.552m.
The firm went into the red after administrative expenses totalled €2.76m.