Profits at one of the west of Ireland's best-known hotels, the five-star Dromoland Castle, rose marginally last year to over €1.2 million, accounts filed to the Companies Office reveal.
According to the accounts of Dromoland Castle Holdings Ltd, the company returned a net profit of €1.24 million - up from €1.18 million in 2004.
However, costs rose more sharply, from €8.67 million in 2004 to €10.64 million last year, including payments of €504,800 to a company, Hallmark Management Ltd, which is controlled by hotel managing director Mark Nolan.
The accounts state that Hallmark Management is paid a consultancy fee for the management services it provides. In 2004, the company received €305,000.
The accounts show that €4.28 million was paid in wages and salaries last year to staff at the Co Clare hotel. In 2005, the hotel won the prestigious AA Irish Hotel of the Year Award.
The figures show that the company paid a dividend of €300,000 to its investors in 2005 - the same amount that was paid in 2004.
The hotel, which US president George Bush stayed in in June 2004, now has accumulated profits of €9.9 million.
Mr Nolan said the hotel had recently spent €1 million renovating 20 rooms, €1 million on a new golf academy and plans to spend €2 million on a new health spa. A planning application is currently before Clare County Council.
The accounts value the hotel and conference centre at €11.4 million and the golf course at €1.19 million.
Mr Nolan has a 2 per cent share in the business, while Sir Anthony O'Reilly owns just under one-quarter of the enterprise. The remaining shareholders are US-based.
