Two Michelin star restaurant, Terre, helps five-star Castlemartyr Resort raise revenue
New accounts filed by Castlemartyr Country Hotel Resort show the business recorded Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) of €350,237 in 2024. File photo
The two Michelin star restaurant, Terre, is helping to drive revenues and occupancy rates at the five-star Castlemartyr Resort in County Cork.
That is according to the general manager at Castlemartyr, Brendan Comerford, who was commenting on new accounts showing that Castlemartyr Country Hotel Resort Ltd recorded earnings of €350,237 in 2024 from what the directors describe as a “solid operational performance”.
The resort houses Terre and the restaurant has secured the much sought after two Michelin stars despite only opening its doors in September 2022.
Dinner at Terre is €220 per person excluding beverages and a sample menu includes choices such as Irish Deer Foie Gras, Wagyu Beef Ham, Sancho & Plum Jus and Chawanmushi made up of Kristal Caviar, Stone Crab and Bone Broth.
Mr Comerford said Terre “is a factor in driving revenues as well as increased occupancy. Terre is very popular, and we have just released bookings for the coming months, including the Christmas period”.
New accounts filed by Castlemartyr Country Hotel Resort show the business recorded Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) of €350,237 in 2024.
The directors for Castlemartyr Country Hotel Resort state that the company “performed in line with expectations” as revenues increased by 3% from €14.48m to €14.9m.
The company’s pre-tax loss reduced by 43% from €1.89m to €1.08m after taking into account interest payments of €608,494 and non-cash depreciation costs of €811,296.
Singapore-based Dr Stanley Quek and Peng Loh purchased Castlemartyr Resort in July 2021 for about €20m to add to an Irish portfolio that includes Sheen Falls in Co Kerry and the Trinity Townhouse Hotel in Dublin city centre.
Mr Comerford said: “Business continues to grow under our new ownership who have invested €12m in the property over the last three years.
“The international market continues to grow for us, reflecting our proactive efforts in new markets. Meetings and events business is also showing strong signs of growth, and this reflects increased demand for in-person meetings and conferences.
"The outlook for 2025 remains positive.”
The directors said “the company completed a significant investment in major renovation and refurbishment works during the year in order to upgrade the property".
They added they "are confident that the company will move to a profit in the coming years as a result of this investment".
The report states that while the renovations disrupted normal trading during the year, the directors remain confident that the company will continue its growth and will move to a strong trading position as guest numbers return to pre-pandemic levels and functions return to full attendance.
They said “overall the directors are satisfied with the performance of the company and continue work towards key performance indicators such as improving market share, turnover and margins”.
The resort itself is nestled in 220 acres of mature landscape and online rates for its 108 bedrooms and suites for Friday, October 31, range from €295 to €655.
Numbers employed increased from 255 to 268 made up of 209 in hotel staff, 32 in management and 27 in administration as staff costs increased marginally from €6.49m to €6.51m.
The accounts show that the firm generated €1.25m in cash from operations in 2024. At the end of December last, the company had a shareholder deficit of €5.45m. Cash funds almost doubled from €477,718 to €920,342.
A collection of the latest business articles and business analysis from Cork.
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