Ashford Castle stays in the red as revenues rise 17% to €20.9m
Five-star hotel underwent a €75m refurbishment in 2015, reports €3.3m pretax loss
Ashford Castle Hotel: revenue rise of 17% was not sufficient to help it return to profit
The five-star Ashford Castle Hotel recorded a 17 per cent rise in revenue last year. However, this was not sufficient to help it return to profit.
The luxury hotel, which underwent a €75 million refurbishment in 2015, reported turnover of €20.9 million in 2017, as against €17.9 million a year earlier. In the prior year the Cong, Co Mayo hotel recorded a 52 per cent rise in revenues from €11.7 million.
Newly filed accounts show Ashford Castle recorded losses before taxation of €3.3 million, slightly lower than the €3.5 million loss reported a year earlier.
Earnings before interest, tax, depreciation and amortisation rose by €570,494 to €4.04 million.
The hotel reported increased net liabilities of €33.3 million and stated that it was reliant on the support of its parent company.
Staff numbers at the 365-acre Cong, Co Mayo estate totalled 366, with related costs rising to €7.5 million from €6.8 million in the prior year.
Red Carnation acquired the 83-room hotel out of receivership for €20 million in 2013.
Galway businessman Gerry Barrett, who previously owned the hotel, had acquired it for €50 million five years earlier.