Sister hotels enjoy a bumper year
Two sister luxury hotels each enjoyed a bumper year before their purchase by a group of UK-based Irish investors last year.
That is according to separate accounts lodged for the Lough Rynn Castle hotel in Co Leitrim and Kilronan Castle in Co Roscommon.
Accounts filed show that Lough Rynn - which staged Brian O'Driscoll's and Amy Huberman's wedding reception in 2010 - recorded profits of €173,602 in 2015, with Kilronan Castle enjoying profits of €2m in 2015.
The two hotels - developed by the Hanly Group - were put on the market last year for €8m but with the hotel industry enjoying boom times here, the two hotels sold for around €14m.
Four-star Lough Rynn has 44 bedrooms, split between the original Victorian house and modern blocks. The sale included 16 holiday homes on the 260-acre estate. Kilronan has 84 bedrooms and a leisure centre, as well as 48 holiday homes on the 40-acre grounds.
A note attached to each set of accounts states that the directors of the firms have reviewed the operational forecasts of the company and "are confident that following the restructuring process introduced by the new owners, the company will be in a position to meet its obligations as they fall due to trade profitably".
Accounts for Kilronan Castle Hotel show that the firm's accumulated losses reduced by €2m from €3.69m to €1.65m while its cash pile increased from €515,529 to €845,364.
Numbers employed at Kilronan increased from 128 to 149 with staff costs increasing to €3m. Separate accounts for Lough Rynn Castle hotel show that accumulated losses reduced from €1.1m to €942,512.