Performance to scale new heights at five-star gem
The operators of one of the best known five-star hotels in the country, the Aghadoe Heights in Killarney, expect a significant improvement this year in the hotel's performance on last year.
That is according to the chief executive of the country's largest hotel group, Dalata Plc's Pat McCann, who said yesterday: "2015 was a very strong year for the Aghadoe Heights. It was extremely good and we expect significant improvement on that in 2016."
Dalata - which operates the Maldron and Clayton hotel brands across Ireland and the UK - also oversees the running of the Aghadoe Heights hotel on behalf of owners, Aghadoe Hospitality Ltd.
The hotel - once the jewel in the crown of developer and hotelier Jerry O'Reilly's hotel portfolio - was sold by Mr O'Reilly for just over €6m to a fund controlled by asset managers Davy in 2014.
Mr McCann said yesterday that there has been a fair level of investment "in the hundreds of thousands" in the hotel since its purchase.
He said: "There is a very high level of repeat customers at the hotel. It is a beautiful five-star hotel in a prime location."
The Aghadoe has 74 bedrooms, 30 of them suites, two bars, a restaurant, a modern gym and a swimming pool that boasts panoramic views over the famous Killarney lakes.
The hotel was sold by Mr O'Reilly's Dalegrove Taverns Ltd which recently filed accounts showing that the firm recorded a loss of €1.4m on the disposal of its fixed assets on cessation of trade.
The accounts show Mr O'Reilly provided €5.57m from the hotel's sale to the company in order to discharge in full the amount owed to trade creditors and reducing the company's bank borrowings.
During 2014, the accounts show that the amount Dalegrove owed in bank loans reduced by €4.3m from €13.12m to €8.81m.
The bank loans are secured by a personal guarantee from Mr O'Reilly.