One of the midwest's best known hotels, the four-star Dunraven Arms Hotel in Adare, Co Limerick, filed accounts showing that pre-tax profits more than doubled last year. The accounts show that the company’s pre-tax profits increased from €127,537 to €348,461. However, the accounts also show that Dunraven Arms Hotel, which employs over 70 people, recorded a 5% drop in in gross profit. Gross profit dropped from €4.1 million to €3.9 million between October 2011-2012. Both the Irish Times and the Irish Examiner are reporting today that the directors "are responding to the current challenges in the market place and do not anticipate any significant changes in the nature of business in the foreseeable future". The administrative expenses for the Dunraven Arms decreased last year, from €3m to €2.6m, with ‘other operating expenses’ remaining at €1m. The profits take account of non-cash depreciation cost of €231,466. Staff costs for the Dunraven Arms declined to €2.36m, with employee numbers falling by one. Staff costs take in remuneration to directors totalling €580,960 that includes pension contributions of €168,544. Dividends paid to shareholders dropped by nearly €15,000 to €65,304.