Citywest Hotel owner profits fall despite revenue rise
OPERATING profits at the company which runs the country’s largest hotel – the Citywest – last year declined by 42.5pc to €528,649.
The drop in operating profits at Cape Wrath Ltd comes in spite of revenues at the hotel company increasing by 11.5pc going from €25.33m to €28.23m.
Numbers employed last year remained static at 330 with staff costs of €9.3m.
The main reason behind the drop in operating profits was the company’s noncash depreciation costs more than doubling, going from €1m to €2.3m.
The firm recorded a pre-tax loss of €145,052 after interest costs of €677,803 are taken into account.
Operating lease costs to a related entity reduced from €2.42m to €2.22m.
According to the directors’ report, they consider the trading performance for the year to be satisfactory.
Citywest today remains Ireland’s largest hotel with 764 rooms and forms part of the Tetrarch Capital portfolio of hotels.
The hotel group also operates the Marker Hotel in Dublin, the Powerscourt hotel in Co Wicklow and Mount Juliet resort in Co Kilkenny.
Citywest features 30 different meeting and/or event venues, a convention centre which can hold up to 8,000 people and an 18-hole, par-70 championship golf course.
Since Tetrarch Capital’s involvement began in 2014, the hotel has undergone an €11m investment programme, upgrading guestrooms and common areas, including the lobby, bar, restaurant and reception areas.
Breakdown of the numbers employed show that 301 were engaged in the hotel; 18 in leisure and 11 in golf.
Pay to key management personnel, totalled €316,197.
The Citywest hotel has 764 rooms