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Connacht Hotel group books €32.6m profit

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The Connacht Hotel in Galway

The Connacht Hotel in Galway

The Connacht Hotel in Galway

The Galway-based Connacht Hotel group booked a pre-tax profit of €32.6m in 2018.

According to new accounts filed by Connacht Hospitality Group Ltd, the business recorded the pre-tax profit after making a gain of €30m in the value of its investments.

The group operates the largest hotel in the west of Ireland, the Connacht in Galway as well as the Forster Court and Residence hotels in the city.

Revenues during 2018 increased by 21pc to €24.8m.

The profit for the year before the €30m gain is taken into account was €1.8m.

The directors said that they are satisfied with the financial performance of group for 2018.

It is the intention of the directors to continue the current activities of the company and group, they said.

The main activity of the firm is the operation of hotels, bars and restaurants.

The Connacht hotel - formerly the Galway Ryan hotel - contains over 350 rooms. It celebrated its 50th year in business last year.

After rebranding as the Connacht Hotel in 2013, 300 rooms were added.

Staff costs totalled €4.8m and pay to directors increased to €242,207 from €226,656.

The profit takes account of non-cash depreciation costs of €632,635.

Irish Independent