Revenues at Co. Clare's five-star Dromoland Castle hotel reached a record €21.7 million in 2017. This 3% rise on figures from the previous year is said to have been driven by a spike in the number of guests coming to the venue from America.
As reported by The Irish Times, Dromoland Castle managing director Mark Nolan asserted that "business has never been as good" at the venue, which is currently undergoing a €20 million refurbishment, the costs of which resulted in a pretax loss of €3.47 million last year.
However, Nolan dismissed the loss as "no concern" as a result of its being due to re-investment in the hotel itself. He commented, "Last year we had a very strong year. We had a very strong growth on our average room rate and that is really our focus."
Dromoland Castle Holdings Ltd accounts indicate that the hotel recorded a profit of €3.62 million at operating level, representing a 4% rise on the previous year. The business also recorded a €4.96 million cost from renovations in 2017, with the overall loss taking account of non-cash depreciation costs of €1.86 million as well.
Meanwhile, Dromoland shareholders' funds amounted to €20.2 million in 2017, including accumulated profits of €9.62 million, and staff costs increased from €8.6 million to €9 million, with directors' renumeration totaling €70,054.
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.