Accounts filed by Sugarloaf Ventures Ltd also show revenues increased 12% to €20.59m last year. It benefited from a corporate tax credit of €506,322.
CEO of Tetrarch Capital, Michael McElligott said: “We’re very pleased with the material increase in turnover at Powerscourt Hotel, and equally as important, we continue to see significant improvements in our profitability compared to previous years.”
He said: “This performance is driven by a combination of strategic capital investments across the property and its facilities, and a more focused approach to managing individual departments’ margins.”
The hotel has seen strong growth in visitor numbers from the European and US markets.
On the hotel’s 2017 performance, Mr McElligott said: “We are very happy with our trading performance this year, and we are very well positioned to build upon on the robust financial performance of 2016 to deliver an even better result for 2017.”
The hotel includes 194 rooms, including 93 suites and a 30,000sq foot spa with 20 treatment rooms, as well as two golf courses.
Tetrarch also operates the Marker Hotel in Dublin, the Mount Juliet resort in Kilkenny, Citywest in Dublin and the Killashee House hotel. At the end of December, the firm had accumulated losses of over €4.25m. Its cashpile increased sharply from €1.08m to €3m.
It paid lease costs of €829,214. Staff numbers increased from 304 to 319, and staff costs rose from €7.63m to €8.1m.