Weddings and US visitors push profits up fivefold at Lough Eske Castle hotel

The five-star Lough Eske Castle hotel in Co Donegal saw its pre-tax profits increase more than fivefold last year to €210,582.

Revenues at the luxury hotel - part of Pat Doherty's Harcourt Developments - increased by 4pc to €9.33m.

Numbers employed by the hotel decreased from 173 to 165 as staff costs declined to €4.07m from €4.3m.

Finance director at Harcourt Developments, Nick Doherty, stated that the revenue increase was underpinned by the business experiencing good year-on-year room occupancy gains.

"A particular highlight of our rooms performance was the growth in the North American market which has continued to perform well for us," said Mr Doherty. "Since February 2018 the Castle is managed directly by the Harcourt Hotel team."

He said there has been a significant improvement in profit margins, resulting in earnings before interest, tax, depreciation and amortisation (ebitda) growth of €773,000 to €1.6m.

"To date, 2019 has seen continued growth in our key markets, along with strong wedding numbers for the year. There has been ongoing development at the hotel with the opening of the Father Browne Bar earlier this year and there are plans to expand Cedars Restaurant in early 2020," said Mr Doherty.

"We are also considering adding 24 bedroom suites to meet increased demand. In 2018 & 2019 Lough Eske Castle has been voted in the top ten hotels to stay in Ireland by the readers of Conde Nast Traveler magazine."

The business recorded an operating profit of €788,525 before interest payments of €577,943.