Castlemartyr hotel records loss of €564,728
Directors say Co Cork five-star hotel will become profitable in coming years
Revenue at Castlemartyr hotel in the 12 months to the end of March last year increased by 7 per cent from €9.5 million to €10.1 million. Photograph: Michael Mac Sweeney/Provision
The directors of the five-star Castlemartyr hotel in Co Cork believe the hotel will become profitable in the coming years after sustaining losses of €564,728 last year.
In accounts filed by Castlemartyr Country Hotel Resort Ltd the directors state the loss to the end of March last “is in line with expectations due to the nature of any start-up business of this scale”.
The company commenced operations in September 2015 and revenues in the 12 months to the end of March last year increased by 7 per cent from €9.5 million to €10.1 million. The directors state they plan a number of changes including refurbishment and development work in the hotel in order to increase sales.
In September 2015, the 220-acre resort was acquired for €14 million by British businessman and hotelier Martin Shaw. The sale included a five-star, 103-bed luxury hotel centred on a historic manor house and 13th-century Norman castle ruin, lake, a golf course designed by Ron Kirby, 19 contemporary courtyard lodges and nine gate lodges.
Developed by the Supple family, Castlemartyr opened in 2008, and guests have included former US president Bill Clinton, Bruce Springsteen and celebrity couple Kanye West and Kim Kardashian, who stayed there on the Irish leg of their honeymoon.
The loss last year followed a loss of €531,125 in fiscal 2017 and €642,275 for a six-month period in 2015-2016.
Numbers employed at the hotel increased from 210 to 296 as staff costs increased from €4.4 million to €4.6 million.
A breakdown of revenues show that accommodation sales totalled €3.5 million, food sales amounted to €2.8 million and beverage sales of €1.4 million.
The resort’s golf activities also made a sizeable contribution to revenues with green fees of €304,019; golf-pro shop of €113,415; golf food of €244,882; and golf subscriptions of €273,895. Health-spa membership totalled €162,107.