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Irish Independent
5 days ago
- Business
- Irish Independent
Revenues increased to €12m for Parknasilla in 2024
New accounts for hotel operator Silork Ltd show that operating profits increased by 11pc to €2.4m in 2023. Operating profits rose as revenues dipped slightly in 2023 from €11.55m to €11.52m. Managing director Tony Daly said revenues increased to €12m for 2024 and they are projecting revenues of €12.5m for this year. Mr Daly said earnings at the firm will be down slightly in 2024 due to higher costs. Irish customers account for close to 80pc of the hotel's client base, Mr Daly said. 'They are holding up very strong this year, as are US customers which account for between 15pc and 18pc,' he said. The resort is owned by billionaire Jacqui Safra. Directors state that turnover in 2023 held steady and operating profit increased 'delivering a positive profit before tax for the period'. The company recorded 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. The resort also comprises a nine-hole golf course. In the accounts, signed off on last Friday, May 30, the directors state that a 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 48pc repeat business and has an established business with a strong national and international reputation. They state that there is ongoing investment in guest facilities, digital technology upgrades, and sustainable plant and equipment.
Irish Examiner
5 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
5 days ago
- Business
- Irish Times
Kerry's Parknasilla Hotel surges into the black with €1.3 million profit
The Parknasilla Resort & Spa in Kerry, owned by billionaire Jacqui Safra, recorded a pretax profit of €1.3 million in its 2023 financial year following successive prior losses. Silork Ltd, the company behind the four-star resort, said profits had 'increased significantly' from 2022 when it recorded losses of more than €400,000. It had made losses in excess of €600,000 in 2021. The Parknasilla resort, which is situated close to the village of Sneem, has 88 bedrooms, 24 lodges, 38 three-bedroom villas, and a nine-hole golf course. The accounts say the hotel has 'high annual demand' with up to 48 per cent repeat business. Jacqui Safra, a member of the billionaire Swiss-Lebanese banking family, purchased the business in 2012 for around €11 million, alongside local businessman Tony Daly. A valuation carried out in late 2022 estimated its worth at €24 million. READ MORE Turnover remained broadly similar to the year before – €11.53 million in 2023, compared to €11.56 million in 2022. Revenue was significantly above its 2021 level of €6.8 million, as the hospitality industry recovered from the Covid-19 pandemic. Employee headcount reached 121 in its most recent accounts, up from 119 in 2022 and from just 89 in 2021. Despite the rise in employees in 2023, staff costs decreased to €3.89 million from €4.02 million the previous year. Directors' remuneration increased from €120,000 to €250,000 due to pension contributions which were not made in 2022. Total creditors had decreased in 2023 to €20.9 million, down from €23 million the previous year, with one loan present in 2022, worth €2.1 million, no longer present in 2023. A €17.5 million loan owed to an unnamed US bank in 2022 had increased to €18.6 million in 2023 due to interest and foreign exchange changes. The resort opened a new €20 million loan facility to refinance existing debt with a UK-based investment company in May 2025. The Topland Group is providing the facility, which is secured against the hotel and resort. Mr Daly, Parknasilla's managing director, said at the time that the company was delighted to be working with 'a highly respected party like Topland' saying it was 'showing trust' in the Parknasilla property and the hospitality industry. In November 2023, the High Court granted a €146m judgment against the hotel's owner 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.
