Revenues rise to €25m at country's largest hotel
Pre-tax profits at the company that operates the country's largest hotel, Citywest hotel, last year declined sharply by 79pc to €316,634.
New accounts filed with the Companies Office by Cape Wrath Hotel Ltd show that the hotel company recorded the drop in profits in spite of revenues increasing by 11pc from €22.83m to €25.33m.
The main factors behind the company's drop in profit included non-cash depreciation costs increasing more than three-fold, going from €305,340 to €1m.
In addition, operating lease costs to a related entity increased from €1.49m to €2.42m.
The directors' report said they consider that the trading performance for the year to be satisfactory.
The owners of Citywest, Brehon Capital, since renamed Tetrarch Capital paid €29m for the hotel in 2014 and it remains Ireland's largest hotel with 789 rooms. The hotel group also operates the Marker Hotel in Dublin, the Powerscourt hotel in Co Wicklow and Mount Juliet resort in Co Kilkenny.
Numbers employed by Citywest hotel last year increased from 325 to 330. Of that number, 301 are employed in the hotel, with 18 in leisure and 11 in golf.
A breakdown of the hotel's revenues show that €23.9m was from room rental income and auxiliary services; €883,946 from leisure; and €469,251 from golf.
Staff costs last year increased from €7.95m to €8.664m.
Pay to key management personnel, made up of directors and members of senior management, at the hotel firm last year totalled €375,777 and this compared to €421,299 in 2015.
Earlier this year, the hotel suffered a planning blow when An Bord Pleanála - in a majority decision - refused planning permission to allow the venue stage concerts.