Park Hotel Kenmare records loss of almost €878,000 in first year
New owner of the Park Hotel in Kenmare, Bryan Meehan says 2026 will see the completion of a number of redevelopment projects. Picture: Domnick Walsh
The firm which operates the 5-star Park Hotel Kenmare in Co Kerry recorded pre-tax losses of €877,932 in 2024 as its new owner invested €18m in the property across 2025 and 2024.
Dublin-born and US-based entrepreneur, Bryan Meehan purchased the 46-bedroom luxury hotel from high-profile hoteliers and TV’s Brennan brothers, Francis and John Brennan and executive chairman at Glen Dimplex, Fergal Naughton, in November 2023.
Filed accounts by Mr Meehan’s Forever Begin (Kerry) Ltd, which operates the hotel, show that it recorded the pre-tax loss of €877,932 as revenues totalled €5.62m from October 27, 2023, to December 2024.
In their report, the directors state that the hotel earnings for the period after adding back depreciation, amortisation, acquisition costs and loan interest amounted to €228,305.
Non-cash depreciation costs totalled €667,358 while interest costs totalled €300,000.
A spokeswoman for the hotel said the hotel has continued to trade strongly in the period to the end of December 2024, “with sales and earnings before interest, depreciation and once-off costs being in line with expectations of the directors”.
The spokeswoman said: “The focus for 2024 and 2025 has been on the redevelopment of the hotel, with a significant investment of circa €18m that has been internally financed without third-party debt.”
She added: “2026 will see continued investment in capital projects at the hotel. This, along with the investment in delivering exceptional service levels, has allowed the company to achieve positive earnings before interest, depreciation and once-off costs levels in 2025, which are expected to continue into 2026 and beyond."
She said that the directors “are confident in the future outlook of the hotel from an operational, commercial and financial perspective, and are focused on investing in the hotel, its staff, and the local community and economy”.
The spokeswoman said that “they are not prioritising profitability returns in 2025 and 2026, and expect that Full Year 2027 will reflect the true trading position of the company, post completion of the capital projects".
Managing director Bryan Meehan said that “since our family took ownership in November 2023 our primary goal has been to protect what makes the hotel so special — the connection to the community, farms, and surrounding land of Kenmare, the outstanding amenities we are proud to offer, and, most importantly, our incredible team, some of whom have been at Park Hotel Kenmare for upwards of four decades.”
Mr Meehan is the former chief executive and chair of Blue Bottle Coffee, the California-based ethical coffee company, a majority stake in which was sold to Nestlé in 2017 for more than €400m.
He added: “Our focus up to now has been on the redevelopment of the hotel. Our head chef, James O’Sullivan, has transformed our food offering. We are lucky to display a remarkable collection of work by artists from around the world. The introduction of new events like Music at the Park and visiting chefs is only just the beginning.
Mr Meehan said that “the result of this focus, and investment of time and resources, has meant that we were one of just five hotels in Ireland to be awarded a coveted two Michelin keys in 2025, along with numerous other accolades achieved during the year”.
He said that “2026 will see the completion of a number of our redevelopment projects, most notably the Spa, the Tigín, and our guest rooms and suites, marking the start of yet another chapter in the ongoing story of Park Hotel Kenmare”.
The accounts placed a book value of €21.11m on the company’s tangible assets before the non-cash depreciation cost of €665,414 is taken into account.
In 2024, the firm employed 73 and staff costs totalled €2.59m. Shareholder funds at the end of 2024 amounted to €8.6m.
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