One of Cork city's best known hotels, the five-star Hayfield Manor hotel, had "an excellent 2010", exceeding the hotel's performance in 2009 and 2008.
Hayfield financial controller Mark Scally said the hotel "went from strength to strength in 2010", adding: "I don't believe that the hotel sector is as bad as the media is making it out to be."
Accounts filed by Hayfield Leisure Ltd show pre-tax profits dropped by 91pc from €526,788 to €45,836 to the end of December 2009.
The filings show that the chief factor behind the sharp decrease in profits was a €272,556 "loss on disposal of investments".
The abridged accounts do not provide a turnover figure and they show that the company's gross profit dropped by 19pc from €5.2m to €4.2m during the period.
Mr Scally said that 2009 had been a tough year.
He added that the 87-room hotel employed 80 staff and there had been no wage cuts amongst the staff. He said: "We are pleased with that."