Castlemartyr 'on course for profit this year'
The directors of the five star Castlemartyr Spa & Golf Resort hotel in Co Cork believe that the hotel will become profitable in the coming years after sustaining losses of €531,125 last year.
That is according to new accounts filed by Castlemartyr Country Hotel Resort Ltd where the directors said the loss for the 12 months to the end of March last "is in line with expectations due to the nature of any startup business of this scale".
In September 2015, the 220- acre resort was acquired for €14m by British businessman and hotelier Martin Shaw, who also owns a significant golf resort, Old Thorns Manor House in Hampshire, near London.
The sale at Castlemartyr included a five-star, 103-bed luxury hotel.
Developed by the Supple family, Castlemartyr opened in 2008, and guests have included former US president Bill Clinton, Bruce Springsteen, and celebrity couple Kanye West and Kim Kardashian, who stayed there on the Irish leg of their honeymoon.
The loss last year followed a loss of €642,275 for a six-month period in 2015/2016.
The directors state that they plan a number of changes in the areas of marketing, advertising and refurbishment/development work in the hotel in order to increase sales and help the company to operate profitably.
They believe that "the company can become profitable over the coming years". The loss last year would include a hefty non-cash depreciation charge.
Numbers employed at the hotel increased from 198 to 217. Staff costs last year totalled €4.42m.