Kerry's Muckross Park Hotel recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of €290,285 in the 10 months to the end of December 2015, which it expects to rise to nearly €600,000 in 2016.
INua Hospitality purchased the hotel for €6.25 million in February 2015 from Bill Cullen and Jackie Lavin and spent approximately €500,000 extending the capacity of the hotel to 105 rooms, adding 17 new two-bedroom apartments to the property.
The newly-filed accounts show that the hotel had a pre-tax loss of €834,804 with the hotel firm reporting a gross profit of €3.8 million, reports The Irish Examiner. The hotel employs 191 staff with staff costs totalling €2.33 million in 2015.
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The directors' report stated that EBITDA earnings are expected to rise to €592,000 in 2016 and that "they expect this trend to improve by December 2017". "These increases are based on the fact that the company has done significant refurbishment to the apartments which were completed in early 2016 and also management has undertaken an extensive marketing campaign to promote the hotel," the report added.