The company that operates Dublin’s Citywest hotel, Cape Wrath Hotel Ltd, has filed new accounts indicating that its pre-tax profits dropped 79% to €316,634 in 2016.
The Irish Independent reports that the company recorded the decline in profits in spite of an 11% rise in revenues from €22.83 million to €25.33 million. Among the main factors that caused the decrease in profits were a rise in non-cash depreciation costs from €305,340 million to €1 million and an increase in operating lease costs to a related company from €1.49 million to €2.42 million.
However, the directors’ report states that they still consider last year’s trading performance to be satisfactory.
Meanwhile, the amount of people employed at the Citywest hotel rose from 325 to 330 last year, with staff costs increasing from €7.95 million to €8.664 million, while a breakdown of the venue’s revenues revealed that €23.9 million came from rental income and auxiliary services, €883,946 came from leisure and €469,251 was as a result of golf.
The Citywest hotel is currently Ireland’s largest hotel with 789 bedrooms.
