Lough Eske hotel parent the Harcourt Development Group, led by Pat Doherty, reported pre-tax profits of €180.77m with hotel operations offering a major source of revenue.
The group’s five hotels, including the five-star Lough Eske Castle in Donegal and the Carlisle Bay in Antigua, experienced a full year of trading without restrictions, resulting in restored occupancy numbers and room rates to pre-pandemic levels.
The company is planning upgrades and extensions for several hotels due to increased demand, and their trading performance for 2023 aligned closely with budget expectations, culminating in an operating profit of €33.69m before restructuring impacts.
A profit gain of €174.15m was achieved through the sale of the group’s shopping centre network and associated debt restructuring efforts.
The directors shared “during 2023 all our hotels benefited from a full year of trading without restrictions and occupancy numbers and room rates returned to pre-pandemic levels. As a result, the hotels enjoyed a strong year in terms of revenue and profitability and this trend has continued into 2024. We are now actively planning upgrade and extension projects for several of our hotels to cater for the additional demand.”
