Profits up at Glenlo Abbey luxury hotel
Pre-tax profits at the five-star Glenlo Abbey hotel in Galway last year increased more than three fold to €226,847.
New accounts for Baswal Ltd show that the luxury hotel recorded the jump in profits after the company's gross profit increased by 20pc, from €3.3m to €4m in the 12 months to the end of December last.
Galway developer John Lally took over the luxury hotel in July 2013.
The hotel's general manager, Rory O'Sullivan, said yesterday that the outlook for the hotel is "excellent" with revenues and profits up this year on last year.
"There has been a sustained investment in the product and we are beginning to reap the rewards of that," he said.
Mr O'Sullivan added that the development programme for the hotel included an additional 15 bedrooms, extending the golf club house, and building a spa.
"The future is very positive. In the three years since I have been here, the numbers employed have increased from 50 to 80."
Mr O'Sullivan said that the North American market has been huge for the hotel.
"Brexit hasn't affected us as much because the UK wasn't a big part of our market," he said.
The profit last year takes account of €219,816 in non-cash depreciation costs and an additional €252,456 in interest costs.
Operating profits more than doubled, going from €211,171 to €479,303.
Staff costs last year totalled €2.1m while key management personnel received €420,844 made up of €379,995 in pay and €40,849 in pension payments.
Glenlo, which sits on 140 acres and lies about 5km north of Galway city, has hosted President Mary McAleese, and Hillary Clinton when she was the First Lady of the US in 1999.
The accounts confirm that during the year Baswal received funds of €282,399 from its parent firm, Kylemore Tourism Ltd, and this loan is due to be repaid by 2021.
Shareholder funds totalled €786,958. The firm's cash stood at €295,624.