Lough Rynn and Kilronan Castle hotels book profits

Two sister luxury hotels enjoyed a bumper year before their purchase by a group of UK-based Irish investors last year.

Lough Rynn and Kilronan Castle hotels book profits

That is according to separate accounts lodged for Lough Rynn Castle Hotel in Leitrim and Kilronan Castle in Roscommon.

Accounts filed with the Companies Office show that Lough Rynn — which hosted the wedding reception of Brian O’Driscoll and Amy Huberman in 2010 — recorded profits of €173,602 in 2015.

Kilronan Castle booked profits of €2m in the same year.

The two hotels — developed by the Hanly Group — were put on the market last year for €8m, but with the hotel industry enjoying boom times here, they were eventually sold for around €14m.

Lough Rynn is a four-star hotel with 44 bedrooms, split between the original Victorian house and modern blocks.

It also has 16 holiday homes on the 260-acre estate.

Kilronan has 84 bedrooms and a leisure centre, as well as 48 holiday homes on its 40-acre grounds.

A note attached to each set of accounts states that the directors of the firms have reviewed the operational forecasts of the company for the foreseeable future and “are confident that following the restructuring process introduced by the new owners, the company will be in a position to meet its obligations as they fall due to trade profitably”.

The note states: “On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.”

Accounts for Kilronan Castle Hotel show that the firm’s accumulated losses fell by €2m from €3.69m to €1.65m.

Its cash pile increased from €515,529 to €845,364.

Staff numbers at Kilronan increased from 128 to 149, while staff costs increased from €2.9m to €3m.

Separate accounts for Lough Rynn Castle show that accumulated losses fell by €173,602, from €1.1m to €942,512.

The firm’s cash pile more than doubled from €369,760 to €780,269.

Its staff numbers increased from 101 to 111, with staff costs rising from €1.97m to €2m.

The O’Driscoll-Huberman wedding at Lough Rynn put the hotel on the map and generated an estimated €1m windfall in free publicity for the hotel.

Former group director Clement Gaffney said at the time: “The amount of free marketing spend or free publicity that a hotel can generate from a celebrity wedding can vary quite a lot and the free publicity can be as low as €10,000.”

He said the hotel tapped “enormous exposure” a full year before the wedding.

More in this section

Budget 2022 Logo

What impact will this  year's budget have on you and your business.

The Business Hub

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up