Castlemartyr Hotel in Co Cork has posted a loss of over €531,000for its most recent financial year.
According to new accounts by Castlemartyr Country Hotel Resort Ltd, the directors said the loss in the 12 months to the end of March was “in line with expectations due to the nature of any start-up business of this scale”.
The 220-acre resort was acquired in September 2015 for €14m by British businessman Martin Shaw, who also owns a large golf resort called Old Thorns Manor House near London.
The sale at Castlemartyr included a five-star, 103-bed hotel and a historic manor house and 13th-century Norman castle ruin, lake, a golf course, 19 modern courtyard lodges and nine gate lodges.
The loss last year followed a loss of €642,275 for a six month period in 2016.