Higher Rates Help Dromoland
Revenues at the company that operates the five-star Dromoland Castle in Co. Clare are set to double this year on the back of record average room rates.
According to General Manager Mark Nolan, the business has performed "strongly" in 2022 and was able to achieve record average room rates of €700 in July. Mr Nolan was commenting on new accounts which show that Dromoland Castle Holdings Ltd last year recorded pre-tax profits of €891,242 and this followed a pre-tax loss of €3.3 million during the first year of the pandemic in 2020.
The business - which also operates the Inn at Dromoland - returned to profit after revenues increased by 68 per cent from €7.23 million to €12.16 million.
The hotel re-opened to guests on June 2nd 2021 after a Covid-19 enforced closure for the first five months of the year. Mr Nolan said that 60% of hotel visitors this year have been US guests as US visitors have returned to near pre-pandemic numbers.
The accounts show that the business recorded operating profits of €1.27 million after receiving "other operating income" of €6.08 million which was made up of Government grants receivable of €6.08m, and this followed €2.34m received under that heading in 2020.