Clontarf Castle owners get €1m as sales rise
The owners of the Clontarf Castle hotel in Dublin split another €1m dividend last year, as pre-tax profits at the venue remained steady at €2.5m.
The hotel is controlled by Gerry Houlihan and his family. Mr Houlihan is the founder of the DID Electrical chain.
Shareholders in the hotel also include Enda O'Meara.
Mr O'Meara is the managing director of Irish hotel group Tifco, which also operates Clontarf Castle.
The high-profile hotel generated revenue of €11.6m last year, which was up 11.6pc on the €10.4m it recorded in 2015.
The pre-tax profits made by the venue are 31pc higher than those made by Clontarf Castle in the 12 months to the end of October 2013, as the country was emerging from the downturn.
The hotel underwent a €3m overhaul in 2016, which upgraded its bedrooms, dining and public areas. About €10m was also spent refurbishing the property a number of years ago.
The 2016 revenue at the hotel is ahead of target. Management at the property had anticipated to post a 6.5pc increase in revenue last year, and to maintain profitability levels similar to those made in 2015.
Mr Houlihan and his wife have owned Clontarf Castle for more than 40 years.
Clontarf Castle is likely to continuing benefiting from a shortage of hotel rooms in the capital.
During the week, Pat McCann, the chief executive of Ireland's largest hotel chain, Dalata, said that there "wasn't a hope" that sufficient hotel rooms would be constructed in Dublin within the next three years to meet the estimated 5,000 room shortfall in the capital.
Mr McCann estimated that just 3,000 new rooms would be added to hotel stock by then.