This luxury hotel in Kildare delivered strong profits a year after emerging from examinership

KILLASHEE HOUSE HOTEL and Spa in Naas, Co Kildare delivered strong profits in the year after its holding company came out of examinership, according to newly filed accounts.

Craigfort Taverns Ltd, the company that operates the hotel, reported a net profit of €6.9 million for the financial year that ended 31 December 2015.

This figure, however, was boosted by an adjustment to the book land value of the hotel and its surrounding land.

The company still delivered an operating profit of €1.13 million.

The business came out of examinership in 2014 after private equity firm Tetrarch, then called Behon Capital Partners, and Midwest Holding acquired Killashee for €13 million.

Tetrarch’s hotel portfolio also includes The Marker Hotel, Mount Juliet resort in Kilkenny, Citywest and the Powerscourt Hotel in Co Wicklow.

Craigfort Taverns reduced its wages bill by more than €260,000 to around €4.5 million after it hired 16 additional hotel and leisure centre staff, but cut its marketing and administration staff by two.

The director’s report said that the firm expects “to continue to invest in the business in the coming year”.

Damien Gaffney, managing director of Tetrarch Hospitality, told Fora in a statement that the hotel’s strong performance was due to “the uptick in general economic conditions coupled with a significant capital investment programme”, adding that room occupancy for the year was 68% with average spend up 10%.

Celtic Tiger

The 141 bedroom Killashee hotel is located two kilometres outside Naas town in Co Kildare.

Set upon 220 acres of parklands and gardens, the original house dates back to the early 18th century.

A testament to the Celtic Tiger years, it has a helicopter pad from where horse racing fans were once regularly chaperoned to Punchestown race course.

Note: This article was updated to include comments from Damien Gaffney.