US investor takes €500,000 hit on Portmarnock golf resort
The Portmarnock Hotel & Golf Club, which is owned by US investment group Kennedy Wilson, bogeyed 2015 - posting a €504,000 loss.
Its revenue rose however, from €3.9m in a seven-month period in 2014, to €7.8m for the full 2015 year.
The property was bought by Kennedy Wilson - which also owns the Shelbourne Hotel - for €27m in 2014 from Nama.
Kennedy Wilson has pumped about €5m into refurbishing the Portmarnock property, which also boasts a links golf course that was designed by German golf legend Bernhard Langer.
The golf course opened in 1995, while the hotel also incorporates the ancestral home of the Jameson distilling family.
Accounts just filed for the business note that revenue rose at an annualised 10pc rate between the date of acquisition in July 2014 and June 2015. The directors noted that they expect the trend to continue. Its operating expenses in 2015 hit €6.7m, compared to the €3m incurred in the seven months from May to December 2014.
They added that an extensive refurbishment of the four-star property, which was completed this year, had resulted in a shortage of rooms in the short term.
The venue is particularly popular with US golfers.
The directors said they "remain confident that the trading position of the resort will continue to improve over the medium to long-term as the upgrade amenities increase the revenue-generating potential of the resort and the economy and market conditions improve".
Nama appointed a receiver to the hotel's previous owner, Capel Developments, in 2011 as it lumbered under €100m of debts.
A subsidiary of Capel Developments, Natworth, had slashed €3.3m off the value of the north Dublin hotel in 2009, bringing its market value at the time to as little as one-quarter of its €70m price tag in 2005, when it was purchased by Capel Developments.
Kennedy Wilson Europe Real Estate - which holds €1bn of assets in Ireland - pays no tax here because it owns its Irish investments via two qualifying investor alternative investment funds.