Castlemartyr Resort eyes profit after 2019 losses of €178,283

The directors of the five-star Castlemartyr hotel in Co Cork expect that the property will become profitable in the coming years after sustaining losses of €178,283 last year.

New accounts filed by Castlemartyr Top Hotel (Holdings) Ltd show the resort had revenues of €12.03 million in the year to the end of March 2019, up 9 per cent on the previous 12 months.

Last year’s loss came after a deficit of €274,185 in the year to March 2018.

In a note to the latest accounts, the company’s directors said last year’s results were “in line with expectations due to the nature of investing in a business of this scale”.

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The directors said they planned a number of changes in marketing and advertising, as well as refurbishment and development work in the hotel.

In September 2015 the 220-acre resort was bought for €14 million by British businessman and hotelier Martin Shaw. That purchase included the five-star, 103-bed luxury hotel centred on a historic manor house and 13th-century Norman castle ruin, a lake, a golf course designed by Ron Kirby, 19 contemporary courtyard lodges and nine gate lodges.

Celebrity honeymoon

The resort, which opened in 2008, was developed by the Supple family. Guests have included former US president Bill Clinton, Bruce Springsteen and celebrity couple Kanye West and Kim Kardashian, who stayed there on the Irish leg of their honeymoon.

The hotel company's main creditors are listed as Vincent Lee (€13.59 million), Mark Shaw (€1.59 million), Martin Shaw (€1.59 million) and Ulster Bank (€1.7 million).

Numbers employed at the hotel decreased from 296 to 238 last year as staff costs increased from €4.6 million to €4.84 million.

A breakdown of revenues show that accommodation sales totalled €5.08 million, food sales amounted to €3.09 million and beverage sales came to €1.56 million.

The business had an accumulated loss of €2.14 million at the end of last March. During the period its cash reduced from €783,676 to €339,941.