Doonbeg Golf Club sells units for €41m

One of the State's most exclusive golf clubs at Doonbeg, Co Clare, has confirmed that it has secured €41 million through the sales of luxury suites at its €150 million golf resort on the west Clare coast.

Accounts for the venture returned to the Companies Office show that in 2005, Doonbeg Golf Club recorded a loss of €1.2 million. A spokesman yesterday attributed the loss "to the development and preparation costs associated with the opening of the five-star lodging, golf and hospitality facilities".

The accounts also show that the US investors behind the project have injected €48 million into the resort, which employed 270 people over the summer months this year.

A spokesman said yesterday: "Doonbeg Golf Club and its US developers, Kiawah Development Partners [ KDP], are delighted with the progress of the club."

He added that sales contracts for 32 units at the Lodge had been entered into last year, worth €27.6 million. The remaining 15 suites, worth €13.4 million, were sold during the early part of 2006. Almost all of these sales are expected to close by next month.

The opening of the Lodge has also led to a substantial increase in golf rounds.

Last year, golf rounds remained at about the same levels as 2004, but with the opening of the Lodge, the spokesman said: "golf rounds have dramatically increased by 40 per cent for the current year to over 20,000 rounds".

With green fees for the Greg Norman-designed course at €185 during week days and €195 at weekends, the club accumulated an estimated €3.7 million in green fees last year.

The spokesman said club membership sales continued to be strong, with 2005 being 39 per cent ahead of the sales levels achieved in 2004.

That trend has continued in 2006 with membership sales levels being another 44 per cent ahead of the 2005 levels, he said. There are now 430 members, approximately 40 per cent of them Irish.

The accounts show that staff costs last year were €1.72 million employing 91 people.

It has tangible assets valued at €41 million, including a €15 million value placed on the golf course.