Parknasilla Hotel revenues likely to rise by 6%

The managing director and co-owner of the four-star Parknasilla Hotel in Kerry has forecast that revenues will likely be up as much as 6% this year.

Tony Daly said that in 2016 the resort, which includes the hotel, as well as villas and lodges, generated revenues of over €7m.

That represented an increase of 16% on 2015.

He also revealed that 2016 produced earnings before interest, taxation, depreciation and amortisation (Ebitda) of €1m.

He said: “This has been re-invested into the resort.”

“Expectations are more modest for 2017, revenue growth in the region of 3% to 6% and Ebitda similar to 2016.”

He was commenting on the accounts for 2015 which were recently filed by the hotel owner, Silork Ltd.

Operating profits in 2015 almost doubled to €821,371 and gross profits rose 21% to €6.49m. However, large foreign exchange losses of €1.2m along with interest payments totalling €833,777 meant the business booked a pre-tax loss of €1.2m in 2015. Staff costs rose from €1.95m to €2.13m in that year.

In the high season, the resort employs 120 people.

It was bought in late 2012 for €11m by a consortium of investors led by Mr Daly and Swiss financier Jacqui Safra, who has owned neighbouring Garinish Island since the 1990s.

Property developer Bernard McNamara paid €40m for the hotel in 2006 and invested €10m more in upgrading the property.

A receiver was appointed six years later.

More in this Section

Ireland starts to feel bite of US tax reforms

Integration plans slowly fitting into place

Breaking Stories

Sainbury’s starts selling edible insects

Johnston Press boss reassures staff as they ‘prepare for restructure’

Shortage of homes could save UK from market crash

Brexit Deal Chaos: North business in show of unity to back May’s deal

Breaking Stories

Wishlist: Colour Christmas gifts for the home

Live by the book or create your own wonderful outlook

Interiors are brought back to book

Significant winter auctions of Irish art are under way

More From The Irish Examiner