Brennan Brothers' five star Park Hotel enjoys its best ever year

John Brennan said that although the hotel was only open for five months in 2021, revenues were only a little behind 2019's

Hoteliers Francis and John Brennan. The five-star Park Hotel in Kenmare had a strong 2021 despite only being open for five months. 

Francis and John Brennan’s five star Park Hotel in Kenmare last year had its “most successful year ever”.

That is according to majority owner of the business, John Brennan, who admitted to being “more nervous” now about the business’s prospects than any time over the past two years. He said: 

We had a bumper year last year but 2022 won’t be as good. Last year was an unbelievable year for the business but there is a softening in the market today on all fronts.

Mr Brennan put this down to the economic climate, increasing staff and other costs, and rising inflation, along with the uncertainty created by the war in Ukraine for the hospitality business.

He made his remarks when commenting on new accounts for the Kerry business for the pandemic-hit 2020.

The Beechside Ltd accounts show that the business recorded pre-tax losses of €379,358 as revenues declined sharply by 59% from €5m to €2.02m. The pre-tax loss of €379,358 followed a pre-tax profit of €348,687 in 2019.

At the end of December 2020, shareholder funds totalled €3.2m. Cash funds increased from €705,819 to €2.13m. Numbers employed reduced from 61 to 38 and staff costs reduced from €1.73m to €1.07m. The business availed of Covid-19 wage supports and the amount received in Government grants totalled €277,900.

Mr Brennan said that the business was hit by a ‘tsunami’ in 2020. He said that on an earnings before interest tax depreciation and amortisation (EBIDTA) basis “we broke even which wasn’t bad for the year that was in it. We were only open for four months”.

He said that bookings for the coming summer have yet to be seen. 

Irish bookings have stalled, while international travel hasn’t kicked in the way one would have needed it to happen so far and that was always going to be slower coming back. 

Mr Brennan said that the Park was only open for five months in 2021 but, underlining the strength of the business, he said that revenues were only a little behind a very strong 2019.

“For the foreseeable future, the market is going to be a lot tougher than anyone expected it to be 18 months ago," he said.