Cork hotel's loss is ‘in line with forecast’

The directors of the five-star Castlemartyr Hotel in Co Cork believe that the hotel will become profitable in the coming years, despite sustaining losses of €642,275 in its first six months under new ownership.

In newly-filed accounts for Castlemartyr Country Hotel Resort Ltd, the company’s directors said the loss “is in line with expectations and due to start-up costs, which are inherent with start-up hotel business of this size”.

The company was established in September 2015 and the accounts cover the period up to the end of March 2016. In September 2015, the resort was acquired for €14m by British businessman and hotelier Martin Shaw, who also owns a significant golf resort called Old Thorns Manor Hotel in Hampshire, England.