Profits at famous hotel hit €1.5m
THE firm that operates the largest hotel in the west of Ireland, the Connacht in Galway, posted pre-tax profits of €1.5m in 2017.
According to accounts filed by Connacht Hospitality Group Ltd, the business achieved the profit figure after revenues hit €20.46m in the 12 months to the end of December 2017.
The main activity of the firm is the operation of hotels, bars and restaurants.
The directors of the group firm state that they are satisfied with the financial performance of the group.
The Connacht hotel contains over 350 hotel rooms. The hotel - formerly the Galway Ryan hotel - is celebrating its 50th year in business this year.
After the hotel was rebranded as the Connacht Hotel in 2013, 300 rooms were added.
Numbers employed by the firm in 2017 increased from 231 to 307 and staff costs increased from €1.3 to €3.9m.
Pay to directors declined from €280,101 to €226,656, made up of €222,804 in pay and €3,852 in pension payments.
The profit takes account of non-cash depreciation costs of €458,544.
At the end of December 2017, the firm's accumulated profits totalled €4.3m - up from €2.92m at the end of December 2016.
The firm's cash pile increased from €1.2m to €2.49m.