Latest news with #Parknasilla
Irish Examiner
6 days ago
- Business
- Irish Examiner
Parknasilla revenues increase to €12m for 2024 as 2025 'looks to be very strong'
Revenues at the four-star Parknasilla resort in Co Kerry last year increased to €12m as business for 2025 'looks to be very strong', according to the managing director of Parknasilla, Tony Daly Mr Daly was commenting on new accounts for hotel operator, Silork Ltd, which show that operating profits increased by 11% to €2.4m in 2023. Operating profits rose as revenues dipped slightly in 2023 from €11.55m to €11.52m. Mr Daly said that revenues increased to €12m for 2024 and 'we are projecting revenues of €12.5m for 2025'. He said that earnings at the firm will be down slightly in 2024 due to higher costs. Mr Daly said that Irish customers account for 78% to 80% of the hotel's client base 'and they are holding up very strong this year as are US customers which account for between 15% to 18%'. The resort is owned by billionaire Jacqui Safra and the directors state that for 2023 'turnover held steady and operating profit increased delivering a positive profit before tax for the period'. The company recorded a pre-tax profit of €1.3m after paying out interest charges of €1.09m. The profit also takes account of non-cash depreciation costs of €478,861. The pre-tax profit of €1.3m followed a pre-tax loss of €401,444 in 2022 which was mainly due to interest charges and similar charges of €2.56m for that year. Parknasilla resort comprises an 86-bedroom luxury hotel and spa along with 38 villas and 24 lodges. It also has a nine-hole golf course. In the accounts signed off on last Friday, May 30, the directors state that the US dollar loan was refinanced fully in April 2025. The company secured a new €20m loan facility to refinance existing debt. They state that a euro denominated loan replaced the US dollar loan, thereby taking away the risk of foreign exchange movements that have impacted the profitability of the company in the financial periods prior to the refinance. Numbers employed in 2023 increased from 119 to 121 and staff costs decreased from €4.02m to €3.89m. The directors state that the business enjoys high annual demand with up to 48% repeat business and has an established business with a strong national and international reputation. They said that there is ongoing investment in guest facilities, digital technology upgrades together with sustainable plant and equipment. A note said that a valuation of the entire hotel property valued its assets in October 2022 at €24m. They state that this compares with the current carrying net book value of fixed assets at €16.22m. They said that the difference would convert the balance sheet total to a significant positive balance.
Irish Times
06-05-2025
- Business
- Irish Times
Billionaire owner of Parknasilla hotel in Kerry secures €20m loan secured against property
Parknasilla Resort & Spa in Kerry owned by billionaire Jacqui Safra has secured a new €20 million loan facility to refinance existing debt. The UK-based investment company, the Topland Group is providing the loan facility, which is secured against the hotel and resort. Jacqui Safra, a member of the billionaire Swiss-Lebanese banking family, purchased the four-star hotel and resort in 2012 for around €11 million, alongside local businessman Tony Daly. Mr Safra and the Parknasilla Resort were advised in the deal by James Corrigan, with Farrer & Co and JW O'Donovan providing legal representation. READ MORE Tony Daly, the managing director of the resort said the company was delighted to be working with 'a highly respected party like Topland' saying the UK investment company are 'showing trust' in the Parknasilla property and the hospitality industry. Sol Zakay, the chairman and chief executive of Topland Group said the deal reflected the group's 'continued conviction in asset-backed private credit and our appetite to support high-quality sponsors across a range of sectors'. Speaking to The Irish Times, Mr Safra's advisor James Corrigan said there was a lack of lenders in the Irish market with the 'necessary credit strategy to actually support successful properties like Parknasilla'. He said that the arrival of international lenders into the hospitality industry demonstrated a 'vote of confidence in the Irish hotel market' and showed that the industry had recovered from the impact of the pandemic. Silork Ltd, the company behind the four-star Parknasilla resort recorded losses of more than €401,000 in 2022 and €604,000 in 2021, its most recent accounts show. Turnover grew to €11.6 million in 2022, from €6.8 million the year prior, as the hospitality industry recovered after the Covid-19 pandemic lockdowns and employee figures increased from 89 to 119. The company's 2022 accounts show it owed a total of €23 million in loans due within one year, €17.5 million of which was owed to an unnamed US bank and was due for refinancing in 2023. That loan was also secured against the value of the land. The Parknasilla resort, which is situated close to the village of Sneem, has 88 bedrooms, 24 lodges and 38 three-bedroom villas. In November 2023, the High Court granted a €146m judgment against Mr Safra when a suit was taken by MGG California LLC hoping to enforce a judgment against Mr Safra from the New York supreme court, less credit for sums already secured. The court heard that the debt had arisen from a personal guarantee for 2018 loans to his company, Spring Mountain Vineyard Inc.
