Five-star Glenlo on course for 'substantial profits'
The five-star Glenlo Abbey hotel in Galway is on course to record 'substantial profits' this year.
That is according to general manager Rory O'Sullivan who said yesterday that revenues are up 10-15pc on last year "in a very, very healthy year for the hotel".
Mr O'Sullivan was commenting on new accounts filed for the hotel that show that the business recorded losses of €108,953 in its first six months under its new owners in 2013.
Mr O'Sullivan said the business recorded a small profit in 2014 and is on track to record a profit again in 2015.
"Business has been great this year and we are on an upward curve all of the time," he said. Galway developer John Lally took over the luxury hotel in July 2013.
The sale price for the 46-bedroom hotel was not disclosed - however, the new accounts filed by Baswal Ltd show that €5m was spent to acquire tangible assets. Glenlo was given a guide price of €4m when it was put on the market through CBRE in March 2012 by receivers Aengus Burns and Michael McAteer of Grant Thornton. Mr O'Sullivan - who took up his post late last year after working at the five-star Park Hotel in Kenmare for a number of years - said that the hotel was booked out last night.
Rooms cost €239 per night, including breakfast. Last week, the hotel played host to the President of Germany, Joachim Gauck, during his State visit.
Mr O'Sullivan said that guests are now spending more "and the second holiday is creeping back in. It is a very, very positive outlook." He added: "Fine dining has come back again and we are now selling a few more expensive bottles of wine."
Mr O'Sullivan said that the hotel's owners have carried out a multi-million euro investment programme at the hotel.
"We are beginning to reap the benefits of that and bookings for the remainder of the year are up 20pc on the same period last year." The 2013 loss includes depreciation costs of €78,527.