Pre-tax profits last year increased more than five fold at the five star Lough Eske Castle hotel in Co Donegal to €210,582.
The luxury hotel is part of Pat Doherty's Harcourt Developments and the business enjoyed the sharp rise in pre-tax profits as revenues increased by 4% from €8.97 million to €9.33 million.
Numbers employed by the hotel last year decreased from 173 to 165 as staff costs declined from €4.3 million to €4.07 million.
Finance Director at Harcourt Developments, Nick Doherty said that the 4% increase in revenues was underpinned by a good performance in rooms revenue where the business experienced good year on year gains in occupancy.
"A particular highlight of our rooms performance was the growth in the North American market which has continued to perform well for us. Since February 2018 the Castle is managed directly by the Harcourt Hotel team."
He ssaid that overall, there has been a significant improvement in profit margins, resulting in earnings before interest, tax, depreciation and amortisation EBITDA growth of €773,000 to €1.6 million.
"To date, 2019 has seen continued growth in our key markets, along with strong wedding numbers for the year," Mr Doherty said. "There has been ongoing development at the hotel with the opening of the Father Browns Bar earlier this year and there are plans to expand Cedars Restaurant in early 2020."
"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 and interest payments of €577,943 reduced profits to a pre-tax profit of €210,582.
The hotel company last year recorded a post tax profit of €146,760 after paying corporation tax of €63,822.
