Hotel built by McNamara back in black
THE four-star Galway hotel built by bankrupt developer Bernard McNamara returned to profit in 2012 after years of successive losses.
Mr McNamara – via his firm Shorelark Ltd – constructed the Galway Radisson Blu hotel, and new figures show the firm recorded a pre-tax profit of €190,854 in the 12 months to the end of December last.
This followed the firm recording combined losses of €4.98m from 2009 to 2011.
Mr McNamara resigned as a director of Shorelark Ltd on February 16, 2011, and the firm returned to profit last year with its gross profit increased by 7pc to €11.9m.
The hotel has 272 guest rooms and a number of penthouse and executive suites.
Numbers employed by the hotel last year rose from 174 to 178 and staff costs in 2012 increased from €4.58m to €4.8m.
Rezidor Hotels, which operates the hotel, last year received €1m in management fees and contributions to a Rezidor Hotel Group marketing fund.
Mr McNamara's long-term business partner, hotelier and developer Jerry O'Reilly, is a shareholder and a director of the firm.
According to the directors' report: " The directors continue to closely monitor the operations of the trade and to implement plans to improve the turnover and control of costs to drive the operating profits of the hotel."