Castlemartyr Resort and Sheen Falls Lodge return to profit

Both hotels are projecting further growth going forward

Singapore-based Stanley Quek and Peng Loh purchased the Castlemartyr Resort last July.

The firm that operates the five-star Castlemartyr hotel resort in Co Cork last year returned to profit, as revenues doubled.

New accounts show that Castlemartyr Country Hotel Resort Ltd last year recorded pre-tax profits of €1.98m which followed a pre-tax loss of €338,176 in 2020.

The return to profit followed revenues doubling from €3.5m to €7.11m, which covered a nine-month period from April 1st 2021 to December 31st last.

In July of last year, the owners of the five-star Sheen Falls Lodge, near Kenmare, in Co Kerry, the Singapore-based Stanley Quek and Peng Loh, purchased the Castlemartyr Resort.

The sale price was not disclosed, but was believed to be around €20m.

The directors state that the results reflect seven months trading, as the hotel was closed until June 2nd last year due to Government Covid-19 restrictions.

A note attached to accounts on the impact of Covid-19 on the business states that in the directors’ view:

The company will successfully get through the current difficult period and its resources will see it emerge stronger and more agile when the economy returns to normal.

The resort business — which houses the recently opened Terre restaurant — last year received ‘other operating income’ made up of Government grants of €2.02m, and this followed €1.46m received under that heading in 2020.

The profit last year takes account of non-cash depreciation costs of €299,657.

The hotel resort’s accommodation revenues last year totalled €2.63m while its ‘food, beverage, leisure and other’ revenues totalled €4.47m.

With the easing of Covid-19 restrictions, numbers employed last year increased from 118 to 199, as staff costs increased from €2.2m to €3.15m.

Separate accounts lodged by the operator of Mr Quek’s and Mr Loh’s Sheen Falls Lodge, Sheen Hotel Propco Ltd show that it also returned to profit last year to record pre-tax profits of €264,041, which followed a pre-tax loss of €1m in 2020.

The hotel firm returned to profit as revenues rose by 74% from €3.3m to €5.67m.

The firm benefited from Covid-19 Government grants of €918,771 last year which followed €383,677 under that heading in 2020.

A breakdown of revenues shows that the hotel accommodation income totalled €3.48m while its ‘food, bar, leisure and other’ income totalled €2.18m.

The hotel last year employed 95 as staff costs totalled €2.77m.