The four-star Radisson Blu hotel in Galway has recored pre-tax profits of €4.2 million last year.
Newly-filed accounts show that the big increase in profits was due to €2.68 million, which was owed by the hotel company Shorelark to firms co-owned by Bernard McNamara, being written off as a result of the amount being statute-barred, reports The Irish Independent.
McNamara-owned firms Castlehope and Adenbell had been owed €1.7 million and €977,592 respectively.
It saw an increase in gross profits by 6 per cent in 2015, rising from €12.5 to €13.3 million. This contributed to the firm's operating profits more than doubling to €1.56 million last year.
The 272-bedroom hotel currently employs 169 staff with staff costs totalling €4.85 million.