Mayo hotel profits soared by 200% to €3.99m last year
Ashford Castle Hotel profits surged by 200% to €3.99 million last year, driven by higher room rates and an international travel boom, according to newly filed accounts.
Profits at the five-star Ashford Castle Hotel more than tripled to almost €4 million last year as higher room rates and an international travel boom fueled a substantial surge in revenue and cash reserves, according to newly filed accounts.
Ashford Castle Hotel Limited recorded a pre-tax profit of €3.93 million for the 12 months to the end of December 2025, compared to €1.33 million during the previous financial year.
After a tax credit of €57,232, annual profit for the year reached €3.99 million, up by 200% on the €1.33 million generated in 2024. The bumper performance reduced accumulated losses at the company from €26.34 million to €22.35 million.
Revenues at the historic Mayo estate climbed by 9.2% from €32.01 million to €34.96 million, propelled by increased average room pricing and resilient demand across global tourist markets.
The trading windfall saw the hotel’s cash pile swell dramatically during the year, with cash and cash equivalents leaping from €3.98 million to €15.49 million at the end of December.
In their report, directors JJ Raggett and Simon Royce said the hotel’s performance reflected “improved market conditions and the continued success of international travel”, adding that trading improvements were expected to continue.
However, the directors warned of cost headwinds, pointing out that management had been “working hard to manage and control expenses, which have increased due to inflation and the increased cost of living”, with the main cost spikes driven by food and labour expenses.
A corporate restructuring on April 10, 2025 saw ownership transfer from British Virgin Islands-based Tollman Family Investments Limited to Guernsey-registered Red Carnation Hotels Group Limited, while longtime director Michael Tollman stepped down from the board in January 2026.
Accounts filed to the Companies Office show the company remained in a net liability position of €22.35 million at year end, down from €26.33 million in 2024.
Non-current liabilities totaled €55.28 million, largely comprising €50.56 million owed to related group parties and €4.72 million in long-term lease liabilities.
The directors noted that parent undertaking Red Carnation Hotels Group Limited had committed to providing financial support for at least 12 months from the signing date, though the hotel plans to manage its own cashflows to maintain operations.
Fixed assets, consisting of property, plant, and equipment as well as right-of-use assets, were valued at €19.36 million at year end, down from €21.32 million previously following combined depreciation charges of €2.90 million.
Current assets expanded from €22.18 million to €31.56 million, supported by the €15.49 million cash reserve and €13.07 million owed by related group companies, including €12.85 million due from The Lodge at Ashford Castle Limited.
Short-term creditors falling due within one year increased from €14.94 million to €17.99 million, including €11.10 million in trade payables and accruals and €6.15 million owed to group undertakings.
Staffing numbers at the property expanded from 327 to 353 across management and service personnel, pushing aggregate payroll costs up from €11.41 million to €12.29 million. Remuneration for the highest-paid director remained steady at €512,500, with an additional €52,500 paid into a defined contribution pension scheme on his behalf. No dividend was recommended for the year.