The company behind the five star Dromoland Castle hotel in Co Clare enjoyed record-breaking revenues of €31.41 million last year.
New accounts for Dromoland Castle Holdings Ltd show that revenues last year increased by 12 per cent from €27.94 million a year earlier.
General manager, Mark Nolan, said that 2023 was “a record-breaking year” for the business in terms of revenues.
“The real eye opener was the average room rate, which was very strong,” he said.
He said that during the high season this ranges from €790 per night for entry level accommodation to €3,500 for your ‘top, top suites”.
Room income last year increased by 15 per cent to €17.45 million while food and drink income increased marginally to €10.73m.
The accounts show that pretax profits last year declined by 32 per cent from €2.45 million to €1.66 million.
However, chief financial officer Joe Hughes said that underlying profit is up strongly as the 2022 profits taking into account €2 million in Covid-19 related grants which did not reoccur last year.
Mr Nolan said sales for 2024 will be boosted by the opening of the Dromoland Lodge which is a five bedroomed house on the estate.
The lodge can cost guests €5,500 per night to €32,000 per week to rent out
Mr Nolan said that the response to the new product “has been beyond our wildest dreams. It only went to market in May and in July we had 85 per cent occupancy.”
He has made contact with Clare County Council’s department to present plans for accommodation expansion at the castle resort, he said.
Dromoland has spent €10 million on the property in the past two years and plans to invest another €5 million next year. It employs about 450 people at high season.
Payroll costs were last year up from €12.39 million to €13.4 million and Mr Nolan said that the January increase to €13.50 in the minimum wage “will hit us hard”.
Separate accounts show that pretax profits at the five star Shelbourne hotel on Dublin’s St Stephen’s Green last year increased by 22 per cent to €9.17 million.
Earlier this year, Archer Hotel Capital purchased the hotel and new accounts for KW Shelbourne Ops Ltd show that the hotel enjoyed the increase in profits after revenues rose by 17 per cent from €45 million to €52.69 million
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