Bumper race week boosts Galway hotel hit by losses
Published 08/09/2015 | 02:30
A fully-booked hotel for a bumper Galway Race Week is one of the factors contributing to revenues at the five-star Glenlo Abbey hotel rising by 20pc this year.
That is according to the hotel's general manager, Rory O'Sullivan, who said yesterday that the hotel is on course for "a very healthy profit" this year.
Mr O'Sullivan was yesterday commenting on new accounts filed for the hotel that show that it recorded losses of €208,488 in its first 12-month period to the end of December last under new ownership.
After taking account of non-cash depreciation costs of €203,432, Mr O'Sullivan pointed out that the business broke even on a cash basis in 2014.
"We are delighted with how this year has been going and the 20pc increase in revenues is without laying down an additional concrete block," Mr O'Sullivan said.
He said advance bookings for 2016 are already 15pc up on this time last year.
"Repeat business from domestic visitors is very strong while the North American market has been strong during the year as well," he said.
Galway developer John Lally took over the luxury hotel in July 2013.
Mr O'Sullivan said that the hotel is strong in a number of markets and is now reaping the dividends of the €2m investment in the hotel and golf course.
He said that the hotel supports 70 to 80 full-time posts. Staff costs jumped from €606,788 to €1.58m.