Pretax losses at the five-star Carton House hotel resort in Co Kildare last year increased by 36 per cent to €3.47 million.
Accounts for Belmullet Hospitality Group Ltd, the company that operates Carton House Hotel, Golf and Spa Resort on 1,100 acres of parkland near Maynooth, show that the business recorded the increased losses despite revenues rising by 8 per cent to €22.78 million.
The resort has regularly hosted training camps for the Irish men’s rugby team and the venue enhanced its reputation in the sporting arena when hosting the 2025 and 2024 KPMG Women’s Irish Open at the resort’s O’Meara golf course.
In the year under review, the KPMG Women’s Irish Open attracted almost 40,000 spectators and an analysis carried out by sponsors, KPMG showed that the 2024 tournament alone contributed an estimated €7 million in direct spending, across food, drink, accommodation, event suppliers, rental activities, construction, and utilities.
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While revenues rose the group’s operating losses increased by 55 per cent from €1.66 million to €2.58 million in 2024.
[ Carton House returns to operating profit as revenues more than doubleOpens in new window ]
The loss included non-cash depreciation costs of €2.2 million and the pretax loss included interest charges of €884,833.
Numbers employed by the resort last year decreased from 308 to 295 as staff costs increased by 8 per cent to €10.97 million.
A note attached to the accounts states that the owners “are committed to maintain significant investment and support to this valuable asset and business over the coming years, by funding working capital, interest commitments and debt repayments as required”.
The book value of the group’s fixed assets at the end of 2024 totalled €69.37 million.
The hotel resort was sold by the Mallaghan and Kelly families to Irish American businessman John Mullen for around €57 million in 2017 and it reopened and relaunched in June 2021 as a Fairmont managed hotel.
On the risks facing the business, the directors “the industry in which the group and company operates is competitive and challenging, however the directors have a detailed knowledge and experience in this sector”.
At the end of December last, the group had shareholder funds of €29.92 million, comprising share capital of €57 million offset by accumulated losses of €27.07 million.
Its cash funds decreased from €3.13 million to €2.96 million. The business owed €16.8 million in a bank loan at the end of December last and €17.38 million to group undertakings.
