Revenues and operating profit rose at Muckross Park Hotel in 2017

Formerly owned by Bill Cullen and Jackie Lavin, the Kerry hotel recorded an operating profit of €214,157

Muckross Park Hotel. iNua Hospitality purchased the hotel for €6.25 million in early 2015 and it is part of a portfolio that includes the Radisson Blu hotels in Limerick, Cork and Athlone and the Hibernian in Kilkenny

Muckross Park Hotel. iNua Hospitality purchased the hotel for €6.25 million in early 2015 and it is part of a portfolio that includes the Radisson Blu hotels in Limerick, Cork and Athlone and the Hibernian in Kilkenny

 

The seven-strong iNua Hospitality portfolio of hotels in 2018 recorded revenues of €50 million.

The group sales and marketing director with iNua, Brenda Murphy, also said the group had an optimistic view of performance in 2019 “and beyond”.

Ms Murphy disclosed the group’s 2018 revenues when commenting on accounts for its four-star Muckross Park Hotel, formerly owned by Bill Cullen and Jackie Lavin, showing that it increased its operating profits by 55 per cent to €214,157 in 2017.

The Co Kerry hotel enjoyed the increase in operating profits after revenues increased by 13 per cent from €6.6 million to €7.47 million.

The company recorded a pre-tax loss in 2017 of €123,343 after paying interest of €337,500. The loss also takes account of non-cash depreciation costs of €343,394.

The hospitality group purchased the hotel for €6.25 million in early 2015 and it is part of a portfolio that includes the Radisson Blu hotels in Limerick, Cork and Athlone and the Hibernian in Kilkenny.

Numbers employed at the Muckross Park company increased from 165 to 176 while staff costs increased from €2.8 million to €3.2 million.

Optimistic view

On the hotel’s 2018 performance, Ms Murphy said the Muckross Park Hotel “continued to grow year on year across key performance indicators and we are happy to report that 2018 was in line with expectations”.

Ms Murphy said the group’s optimistic view of the group business performance in 2019 and beyond was based on the strong fundamentals in the Irish economy and the strategic location of its hotels in regional Ireland.

The business had “stated ambition to grow and will continue to seek out acquisitions that are synergistic to the rest of the portfolio”.

Receiver

Mr Cullen previously put €10 million of his own money into the hotel before ACC appointed a receiver to the business in 2013.

Mr Cullen and Ms Lavin lost control of the hotel in March 2013 despite attempts to retain control of the property via the courts.