The Radisson Blu in Galway City has returned to profit, after previous years of losses.
The four-star hotel was built by developer Bernard McNamara through his firm Shorelark Ltd. According to the Irish Examiner, the construction company recorded a pre-tax profit of €191,000 in the 12 months to the end of December 2012. This compares to the combined losses of €4.8 million between 2009 and 2011.
McNamara resigned as director in 2011 and was replaced by hotelier and developer Jerry O'Reilly.
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Accounts reveal that Shorelark Ltd returned to profit last year when its gross profit increased by seven per cent, from €11.1 million to €11.9 million.
'The hotel continues to generate operating profits before rent despite the difficult environment facing the hospitality sector. The directors are optimistic the the profitability of the hotel will continue despite the poor economic conditions that continue to prevail,' said a note enclosed to the accounts.
Staff numbers at the hotel also increased last year from 174 to 178.