Pretax losses at the Bill Cullen and Jackie Lavin-owned five-star Muckross Park hotel in Co Kerry last year declined sharply by 90 per cent to €358,566.
According to new accounts for Muckross Park Hotel Ltd, the business reduced its losses after revenues increased by 6.7 per cent from €2.59 million to €2.77 million in the 12 months to the end of December last. The €3.7 million loss in 2010 included a property writedown of €2.6 million.
The filings show that Mr Cullen – who fronted TV3’s The Apprentice – has ploughed almost €10 million of his fortune into making the hotel a success and last year provided an additional €349,061 to bring the total amount invested to €9.8 million.
Ms Lavin yesterday said that earnings before interest, tax, depreciation and amortisation at the hotel totalled €39,981 last year compared to a loss under the same heading of €519,249 in 2010.
“We’re on course to further increase profitability in the business for 2012.”
The hotel, located in Killarney’s National Park, employs 100 people and has 68 bedrooms and 24 luxury apartments.