'Positive year' for five-star hotel despite loss
THE five-star Lough Eske Castle hotel in Co Donegal has enjoyed a very positive year with revenues per room jumping by 10pc.
That is according to the Creative Director for the Dublin-based Harcourt Developments group, John Paul Doherty, commenting on new accounts showing that the luxury hotel went into the red to record pre-tax losses of €376,017 last year in spite of an increase in revenues.
Harcourt Developments last year obtained unlimited status and the property group is no longer required to file accounts.
However, accounts filed by Lough Eske Developments Ltd show that the hotel went into the red in spite of revenues increasing by 8pc going from €7.5m to €8.1m.
"Lough Eske had a positive trading year in 2015 with revenues growing by over €620,000 and Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) by €240,000 largely driven by strong occupancy and rate growth," Mr Doherty said.
The directors' report states that the €376,017 pre-tax loss arose as a result of combined €1m depreciation costs and provision for improvements.
The group has a portfolio of hotels in Ireland, the UK and the Caribbean.
"We have seen good growth in all respective group hotels," Mr Docherty added.
Harcourt's Nama loans were purchased by Apollo Management International LLP in August and a note in the accounts states that the Harcourt directors look forward to working consensually with the new funder.