Park Hotel in Kenmare generated record revenues in 2018 - John Brennan
The Park Hotel in Kenmare — co-owned by brothers Francis and John Brennan — is set for a return to profit growth this year.
Newly-filed accounts show the hotel generated profits of €175,118 last year; down by 63% on the €471,983 profit generated in 2016. Costs associated with a €1.8m refurbishment resulted in the lower profit.
However, John Brennan said the hotel had generated record revenues this year, with trading up 5% on last year, and increased guest numbers and a longer holiday season will result in boosted profits for 2018.
He said the hotel has enjoyed a record year in spite of absorbing a €100,000 hit on business as a result of Storm Emma in March.
At the end of last year, the hotel business was sitting on accumulated profits of €2.87m as its cash pile increased from €201,634 to €342,055.
The Park employs 74 staff and Mr Brennan said that the hotel has also benefited from the longer season in place now.
Mr Brennan now holds a majority share in the Park Hotel after his brother Francis gave up complete control towards the end of 2016.
He said that he has no argument with the Government increasing the Vat rate on the hospitality sector to 13.5% but questioned why there was a need to do it in one fell swoop.
“Increasing it from 9% to 13.5% in one go is a colossal increase and will have an enormous effect on a lot of small restaurants,” he said.
He said the initial reduction had kept the Park Hotel in business during the recession.
