Fota Island Resort Posts €113K Profits
The five-star Fota Island Resort in Cork has recorded a pre-tax profit of just over €113,000 in its first year under new Chinese owners.
The Chinese-owned firm that operate the hotel posted the results, showing profits of €113,842 in the 12 months to the end of September last. The Kang family, originally from Baoding, Hebei Province in China bought the 500-acre resort from Nama for €20 million in 2013.
The luxury resort, situated in the Cork Harbour, was built by Irish developer John Fleming for over €90 million and was sold on behalf of Nama to the Chinese hotelier family.
According to the Irish Examiner, the firm started trading on September 26 in 2013 and generated a gross profit of €7.8m to the end of September 2014.
Fleming opened the hotel in 2006, adding two extra golf courses to the Fota golf course thereafter. The Irish Open was held there in 2001, 2002 and 2014.