Druids Glen Hotel back in profit
The Druids Glen Hotel, which is currently up for sale, returned to profit last year, new figures show.
Newly-filed accounts for the five-star Co Wicklow hotel’s owner, Obalus Hotel Company, show the hotel posted a pre-tax profit of €978,887. The hotel had made a loss of €1.39m in 2016 after incurring exceptional costs of €2.77m.
Revenues, last year, increased by 6% to €12.67m. The accounts solely relate to the 145-bedroom hotel and do not include the wider golf resort.
The combined Druids Glen Hotel and Golf Resort is currently on the market with an asking price of €45m.
The hotel and resort is owned by the Flinn, Lappin and Hurley families.
The hotel, alone, recorded an operating profit, last year, of €1.3m. The owners said this year has also proved to be “a strong year”.
The profit last year takes account of €363,329 in exceptional costs relating to inter-group write-offs and provisions.
The hotel originally traded under the Marriott name when it opened 16 years ago. The wider resort’s main golf course entered examinership, for a short period, two years ago; seeking High Court protection relating to a dispute over a €4.85m loan acquired from Anglo Irish Bank.
In the latest accounts, the company’s current owners said the future of the resort has been “solidified with the support of the shareholders and their banking partner”, allowing for future investment in the resort.
Numbers employed at the business last year increased marginally to 234 with staff costs increasing from €4.9m to €5.16m.
