This article is from page 28 of the 2006-07-04 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 28 JPG
PROFITS at Clare’s best known hotel, Dromoland Castle, increased last year to over €1.2 million, accounts filed to the Companies Office reveal.
According to the accounts lodged by Dromoland Castle Holdings Ltd, the company returned a net profit of €1.24 million – a slight increase on the net profit of €1.18 million in 2004.
Last year, the five-star hotel won the prestigious AA Irish Hotel of the Year Award and recorded gross profits of €10.64 million.
The figures also show that costs increased from €8.67 million in 2004 to €9.13 million last year. The company paid a dividend of €300,000 to its 30 investors in 2005, the same amount that was paid in 2004.
The accounts show that the company now has accumulated profits of €9.9 million.
Underlining the contribution the hotel makes to the local economy, €4.281 million was paid in wages and salaries.
Managing Director of Dromoland Castle, Mark Nolan, said, “All profits at Dromoland are re-invested. The investors just want Dromoland to be the best. They are not in it for any great return.”
Mr Nolan said that the hotel had recently spent €1 million on renovating 20 rooms, €1 million on a new golf academy and would spend €2 million on a new health spa for which a planning application was before Clare County Council.
The accounts value the hotel and conference centre at €11.4 million and the golf course at €1.19 million.
The accounts also reveal that €504,800 was paid to Hallmark Management Ltd in 2005. A total of €305,000 was paid to the company in 2004.
The accounts state that Hallmark Management Ltd is controlled by Mr Nolan and the company is paid a consultancy fee for the management services that it provides.
Mr Nolan has a share of two per cent in the business, while Sir Tony O’Reilly has a share of just under 25 per cent. The remainder of the shareholders are US based.
Room rates at the hotel range from €388 per night to €1,200 for the presidential suite, though discounts are available.
A number of international figures have stayed at Dromoland, including Nelson Mandela and Bill Clinton, along with Hollywood stars Demi Moore, Bruce Willis, Robin Williams and John Travolta.