Profits almost double to €716k at Galway Radisson
Pre-tax profits at a four-star Galway hotel built by developer Bernard McNamara almost doubled to €716,140 in 2014.
Mr McNamara - through his firm, Shorelark Ltd - constructed the Galway Radisson Blu hotel and pre-tax profits at the firm increased by 81pc to €716,140 in the 12 months to the end of December 2014.
The sharp rise in pre-tax profits followed the firm's gross profit increasing by 6pc going from €12m to €12.74m.
Rezidor Hotels - under the Radisson Blu brand - operate the 272 bedroom hotel on Shorelark Ltd's behalf and in 2014 received €1m in management fees from Shorelark and contributions to a Rezidor Hotel Group marketing fund.
Mr McNamara resigned as a director of Shorelark Ltd in 2011. Hotelier, Jerry O'Reilly is a shareholder and remains a director of Shorelark.
The accounts confirm that property loans connected with Shorelark were acquired by Deutsche Bank in a post year end event. The directors state that they are currently in negotiations to agree a long-term solution which is beneficial to both parties.
According to the directors' report "the directors are satisfied with the company's performance during the year. Future plans are for the continued profitability of the company and improvement of the deficit."
The profits in 2014 reduced the firm's accumulated deficit from €10.15m to €9.4m.