Business Irish

Thursday 21 February 2019

iNua racks up record €50m hotel revenues

Booking success: the Muckross Park Hotel revenues increased by 13pc from €6.6m to €7.47m
Booking success: the Muckross Park Hotel revenues increased by 13pc from €6.6m to €7.47m

Gordon Deegan

The seven-strong iNua Hospitality portfolio of hotels in 2018 recorded revenues of €50m, according to sales and marketing director Brenda Murphy.

She added that the group "has an optimistic view of performance in 2019 and beyond".

Ms Murphy disclosed the group's 2018 revenues when commenting on accounts for the group's four-star Muckross Park Hotel - formerly owned by Bill Cullen and Jackie Lavin - showing that it increased its operating profits by 55pc to €214,157 in 2017.

The Co Kerry hotel enjoyed the increase in operating profits after revenues increased by 13pc from €6.6m to €7.47m.

The firm recorded a pre-tax loss in 2017 of €123,343 after paying interest of €337,500.

The loss also takes account of non-cash depreciation costs of €343,394.

iNua Hospitality purchased the hotel for €6.25m in early 2015 and it is part of a portfolio that includes the  Radisson Blu hotels in Limerick, Cork and Athlone and the Hibernian Hotel in Kilkenny.

Numbers employed at the Muckross Park company increased from 165 to 176.

Staff costs increased from €2.8m to €3.24m.

On the hotel's 2018 performance, Ms Murphy said Muckross Park hotel "continued to grow year on year across key performance indicators".

Mr Cullen - who fronted TV3's 'Apprentice' - ploughed €10m of his own money into the Muckross Park Hotel before ACC appointed a receiver to the business in 2013.

Irish Independent

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