Castlemartyr Resort Hotel posts small loss in 2019

The directors of the five-star Castlemartyr Resort Hotel in Cork believe the hotel will become profitable in the coming years after sustaining losses of €178,283 last year.

In newly filed accounts for Castlemartyr Top Hotel (Holdings) Ltd, its directors said the loss for the 12 months to the end of last March was “in line with expectations due to the nature of investing in a business of this scale”.

The company’s revenues increased by 9%, last year, to just over €12m. The company said, in the accounts, that it plans a number of changes in the areas of marketing, advertising and refurbishment of the hotel in order to increase sales and help the company to operate profitably.

In September 2015, the 220-acre resort was acquired for €14m by British businessman and hotelier Martin Shaw.

The sale of Castlemartyr included a five-star, 103-bedroom luxury hotel centred around a historic manor house and 13th century Norman castle ruin; a lake, a golf course designed by Ron Kirby, 19 contemporary courtyard lodges, and nine gate lodges.

Developed by the Supple family, Castlemartyr opened in 2008, and guests have included former US president Bill Clinton, Bruce Springsteen, and Kanye West and Kim Kardashian, who stayed there on the Irish leg of their honeymoon.

Numbers employed at the hotel decreased from 296 to 238 as staff costs increased from €4.6m to €4.84m.

The business had an accumulated loss of €2.14m at the end of last March.