Belfast Telegraph

Profits up at Titanic Quarter-owned Lough Eske Castle hotel

Property developer: Pat Doherty
Property developer: Pat Doherty

By Gordon Deegan

Pre-tax profits at the five-star Lough Eske Castle hotel in Co Donegal increased more than fivefold to just over €0.21m (£0.18m) last year.

The luxury hotel is part of Pat Doherty's Harcourt Developments, the company behind the Titanic Quarter and its Titanic Hotel.

Lough Eske enjoyed the sharp rise in pre-tax profits as revenues increased by 4% from €8.97m (£7.63m) to €9.33m (£7.9m).

Numbers employed by the hotel last year decreased from 173 to 165 and staff costs declined from €4.3m (£3.7m) to €4.07m (£3.7m).

Nick Doherty, finance director at Harcourt Developments, said the 4% increase in revenues was underpinned by a good performance in rooms revenue, with the business experiencing good year-on-year gains in occupancy.

Mr Doherty added that overall there had been a significant improvement in profit margins, resulting in earnings before interest, tax, depreciation and amortisation growth of €1.6m (£1.4m).  

"To date, 2019 has seen continued growth in our key markets, along with strong wedding numbers for the year," he said.

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"There has been ongoing development at the hotel with the opening of the Father Browns Bar earlier this year.

"There are also plans to expand the Cedars Restaurant in early 2020."  

Belfast Telegraph