Pre-tax profits at the five star Co Kerry hotel operated by TV's Brennan brothers last year increased by 89% to €331,315.
New accounts show that the Park Hotel at Kenmare last year enjoyed the surge in pre-tax profits after revenues increased by 6% from €4.15m to €4.4m.
The hotel last year generated the bulk of its revenues from rooms with income from rooms last year increasing from €2.4m to €2.59m while €1.15m was generated from food and €417,084 came from beverages.
The hotel company, Beechside Ltd last year recorded an operating profit of €601,356 and interest costs of €270,041 reduced profits to a pre-tax profit of €331,315.
Managing Director and co-owner of the business, John Brennan said today that the revenues last year enjoyed by the business were a "record" for the hotel.
However, Mr Brennan stated that no record was made in the pre-tax profits recorded due to increased costs.
One half of the TV Brennan brothers' double act, John Brennan now holds a majority share in the exclusive hotel company after Francis gave up complete control of the Park Hotel towards the end of 2016.
Mr Brennan stated that the hotel enjoyed the €4.4m revenues due to a number of factors including the number of flights coming into Ireland from the US and the benefits of the Wild Atlantic Way.
However, Mr Brennan stated that 2019 has been "a tough, tough year" for the Park hotel business.
Mr Brennan attributed this to a softening in the overseas and domestic market and "the massive impact from the 50% increase in VAT".
Mr Brennan stated that revenues for the hotel are down around 10% this year.
He said the restoration of the VAT rate "is a fundamental mistake by Government".
Mr Brennan said that the hotel’s US customers account for 30% of revenues and profitability far in excess of that percentage.
He said that the biggest threat to tourism is people’s approach to long haul travel and the impact that will have on hotels based in rural areas.
Mr Brennan said that the average room rate at the Park Hotel is €450 to €550 per night at high season and argued that "there is great value to be had at the moment in the five star market".
He stated that his brother, Francis’s growing media profile "has been extremely beneficial for the hotel and you can see that when visitors are having their photo taken in front of the hotel".
Mr Brennan stated that RTE’s 'At Your Service’ was of enormous benefit during the downturn in maintaining the hotel’s profile.
He said that the two decided not to do anymore after completing the 11 series last year. "We had a good run of it and it was time to say leave it at that after the 11th series."
Asked might it return in the future, Mr Brennan said: "Never say never. We needed a break."
The profit at Beechside last year takes account of non-cash depreciation costs of €290,034.
