Pretax profits triple at Portmarnock hotel and golf resort
Property is now for sale for €50m after owners purchased it for €27m in 2014
Portmarnock hotel and golf resort has undergone a refurbishment.
Pretax profits at the the firm which operates Portmarnock hotel and golf resort more than tripled to €372,000 last year.
Kennedy Wilson recently put the north Dublin property up for sale with a guide price of €50 million after purchasing the property for €27 million in 2014.
Pretax profits recorded by resorts holding company, KW Portmarnock Ops Ltd, jumped from €121,000 to €372,000 on the back of a 16 per cent rise in revenue to €11.17 million.
Operating profits increased marginally from €357,000 to €372,000.
The company benefited last year from the absence of interest charges, which ran to €236,000 in 2017.
The Dublin resort has upgraded its bedrooms, banqueting and conference facilities. A new spa and enhanced golf experience were also added as part of the hotel’s €5 million refurbishment programme.
The directors’ report said that, following the completion of the programme in 2017, the resort “continues to increase revenue and achieve higher profits”.
The directors said they remain confident that the trading position of the resort will continue to improve over the medium to long term.
The accounts make reference to the property being put up for sale stating that “in May 2019, an international campaign was launched to bring the resort to market”.
Staff numbers last year totalled 154 with costs increasing from €3.97 million to €4.57 million.
The profit takes account of non-cash depreciation costs of €432,000 while operating lease payments increased from €1.2 million to €1.8 million.
On the risks facing the company, the directors said the company is dependent on the number of tourists visiting Dublin and the hotel industry is highly competitive, especially with Brexit-related uncertainty likely to impact the tourist, leisure and business sectors.