Parknasilla revenues increase to €12m for 2024 as 2025 'looks to be very strong'

Managing director of Parknasilla, Tony Daly, said that Irish customers account for 78% to 80% of the hotel’s client base

Parknasilla Hotel is owned by billionaire Jacqui Safra.

Revenues at the four-star Parknasilla resort in Co Kerry last year increased to €12m as business for 2025 “looks to be very strong”, according to the managing director of Parknasilla, Tony Daly

Mr Daly was commenting on new accounts for hotel operator, Silork Ltd, which show that operating profits increased by 11% to €2.4m in 2023. Operating profits rose as revenues dipped slightly in 2023 from €11.55m to €11.52m.

Mr Daly said that revenues increased to €12m for 2024 and “we are projecting revenues of €12.5m for 2025”. He said that earnings at the firm will be down slightly in 2024 due to higher costs.

Mr Daly said that Irish customers account for 78% to 80% of the hotel’s client base “and they are holding up very strong this year as are US customers which account for between 15% to 18%”.

The resort is owned by billionaire Jacqui Safra and the directors state that for 2023 “turnover held steady and operating profit increased delivering a positive profit before tax for the period”.

The company recorded a pre-tax profit of €1.3m after paying out interest charges of €1.09m. The profit also takes account of non-cash depreciation costs of €478,861.

The pre-tax profit of €1.3m followed a pre-tax loss of €401,444 in 2022 which was mainly due to interest charges and similar charges of €2.56m for that year.

Parknasilla resort comprises an 86-bedroom luxury hotel and spa along with 38 villas and 24 lodges. It also has a nine-hole golf course.

In the accounts signed off on last Friday, May 30, the directors state that the US dollar loan was refinanced fully in April 2025. The company secured a new €20m loan facility to refinance existing debt.

They state that a euro denominated loan replaced the US dollar loan, thereby taking away the risk of foreign exchange movements that have impacted the profitability of the company in the financial periods prior to the refinance. Numbers employed in 2023 increased from 119 to 121 and staff costs decreased from €4.02m to €3.89m.

The directors state that the business enjoys high annual demand with up to 48% repeat business and has an established business with a strong national and international reputation. They said that there is ongoing investment in guest facilities, digital technology upgrades together with sustainable plant and equipment.

A note said that a valuation of the entire hotel property valued its assets in October 2022 at €24m. They state that this compares with the current carrying net book value of fixed assets at €16.22m. They said that the difference would convert the balance sheet total to a significant positive balance.