Castlemartyr operator returns to profit

The firm that operates the five-star Castlemartyr hotel resort in Co Cork last year returned to profit as revenues doubled.

New accounts show that Castlemartyr Country Hotel Resort Ltd last year recorded pretax profits of €1.98 million. That compared to pretax loss of €338,176 in 2020. The return to profit followed revenues doubling from €3.5 million to €7.11 million which covered a nine-month period from April 1st, 2021, to December 31st last.

In July of last year the Singapore-based Stanley Quek and Peng Loh purchased the Castlemartyr Resort. While the price was not disclosed it was believed to be around €20 million. They already own Sheen Falls Lodge, near Kenmare, in Co Kerry,

The directors state that the results reflect seven months’ trading as the hotel was closed until June 2nd last year due to Government Covid-19 restrictions.

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A note attached to the accounts on the impact of Covid-19 on the business states that in the directors’ view, “the company will successfully get through the current difficult period, and its resources will see it emerge stronger and more agile when the economy returns to normal”.

The resort business – which houses the recently-opened Terre restaurant – last year received “other operating income” made up of Government grants of €2.02 million and this followed €1.46 million received under that heading in 2020.

The hotel resort’s accommodation revenues last year totalled €2.63 million, while its “food, beverage, leisure and other” revenues totalled €4.47 million.

With the easing of Covid-19 restrictions, numbers employed last year increased from 118 to 199 as staff costs increased from €2.2 million to €3.15 million.

Separate accounts lodged by the operator of Mr Quek’s and Mr Loh’s Sheen Falls Lodge, Sheen Hotel Propco Ltd, show that it also returned to profit last year to record pretax profits of €264,041 which followed a pretax loss of €1 million in 2020. The hotel firm returned to profit as revenues rose by 74 per cent from €3.3 million to €5.67 million.

The firm benefited from Covid-19 Government grants of €918,771 last year which followed €383,677 under that heading in 2020.

A breakdown of revenues shows that the hotel accommodation income totalled €3.48 million, while its “food, bar, leisure and other” income totalled €2.18 million. The hotel last year employed 95 as staff costs totalled €2.77 million.