Muckross Park owner sees revenues fall to €71.14m

The five-star Muckross was purchased by iNua Hospitality in 2015 for a sum in excess of €6m.

Operating profits at the hotel group which owns the Muckross Park Hotel & Spa in Killarney last year declined marginally to €3.93m.

Revenues at iNua Hospitality Plc — a holding company in the group that operates some eight of iNua’s 20 venues dotted across the Republic — last year recorded a 2% drop in revenues from €72.79m to €71.14m.

The operating profits of €3.93m follow operating profits of €3.96m in 2023.

The hotel’s portfolio of eight four- and five-star hotels include the Radisson Blu Hotels & Spas in Limerick, Cork and Sligo and the Muckross Park Hotel & Spa, Killarney, Co Kerry.

The five-star Muckross hotel has 78 bedrooms and was purchased by iNua Hospitality in 2015 for a sum in excess of €6m.

Founded by Paul Fitzgerald and Sean O’Driscoll through a management buyout of iNua in early 2020, the directors for iNua Hospitality plc state the “performance for 2024 was broadly in line with expectations and marked another successful year for the business”.

They said “although cost inflation continued to exert pressure, the group effectively mitigated its impact through strong procurement practices, efficient operations, and strategic use of operational leverage”.

“We remain focused on adapting to inflationary challenges by exploring new and innovative ways to deliver our services, underpinned by our ongoing investment in technology and smart operations.”

The accounts show the group recorded a pre-tax loss of €2.69m, which takes account of interest payments of €6.62m and non-cash depreciation costs of €5.18m.

Numbers employed fell from 1,293 to 1,132 last year as staff costs increased slightly from €28.63m to €28.87m. Directors’ remuneration last year reduced from €148,000 to €112,000.

The group recorded a post-tax loss of €2.88m after incurring a corporation tax charge of €190,423.

The amount owed in loans to creditors at the end of December 2024 totalled €70.75m.

At the end of December 2024, the group had shareholder funds of €6.09m, made up of accumulated losses of €40.78m offset by share capital of €46.87m.