Killashee Hotel In Kildare Report Strong Profits For The Year
Kildare's 4-star Killashee Hotel and Spa has reported a net profit of for €6.9 million for the year ending December 2015.
The newly filed accounts from the hotel's operator, Craigfort Taverns Ltd, show that there was an operating profit of €1.13 million and that its wage bill decreased by around €260,000 to €4.5 million. Fora.ie reports that the hotel's net profit was helped by an adjustment to the the book land value and its surrounding area.
Despite the reduction in its wages bill, the hotel hired 16 additional staff as a result of cutting its marketing and administration staff by two, with the director's report saying it expects "to continue to invest in the business in the coming year".
The 141-bedroom hotel had been bought by Midwest Holding and Brehon Capital Partners, the latter now trading as Tetrarch Capital, for €13 million in 2014. Damien Gaffney, managing director of Tetrarch Hospitality spoke to Fora.ie, saying that room occupancy for the year was 68% with average spend up 10% due to an improvement in the economy and "a significant capital investment programme".