The directors of the five-star Castlemartyr Hotel in Co Cork believe that the hotel will become profitable in the coming years, despite sustaining losses of €642,275 in its first six months under new ownership.
In newly-filed accounts for Castlemartyr Country Hotel Resort Ltd, the company’s directors said the loss “is in line with expectations and due to start-up costs, which are inherent with start-up hotel business of this size”.
The company was established in September 2015 and the accounts cover the period up to the end of March 2016. In September 2015, the resort was acquired for €14m by British businessman and hotelier Martin Shaw, who also owns a significant golf resort called Old Thorns Manor Hotel in Hampshire, England.
Castlemartyr is a five-star, 103-bedroom luxury hotel centred on a historic manor house and 13th century Norman castle ruin and surrounded by a lake, a golf course designed by Ron Kirby, 19 contemporary courtyard lodges and nine gate lodges.
Developed by the Supple family, Castlemartyr opened in 2008, and guests have included former US president Bill Clinton, Bruce Springsteen, and celebrity couple Kanye West and Kim Kardashian, who stayed there on the Irish leg of their honeymoon.
The accounts show the business recorded a gross profit of €2.82m in the period under review.
The company’s directors said they plan to introduce cost-cutting measures where available to place the company in a good position.
They also plan a number of changes in the areas of marketing, advertising and refurbishment in order to increase sales and help the company to operate profitably.
They said they believe “the company can become profitable over the coming years”.
At the end of last March, the firm owed €13.76m and a note attached to the accounts said that the material creditor is parent firm, Castlematyr Top Hotel (Holdings) Ltd and this company would not seek repayment within 12 months.
© Irish Examiner Ltd. All rights reserved