Ashford Castle, the five-star Co Mayo that was recognised at Michelin’s prestigious Key Hotels awards on Wednesday, has seen an uplift in trade this year after rising costs took a chunk out of its bottom line in 2024.
However, accounts filed this week by Ashford Castle Hotel reveal revenues at the luxury property in Cong increased by 1.8 per cent last year to more than €32 million.
In a report attached to the accounts, the directors said the overall results were driven by “improved market conditions” and the “continued strength of international travel.
The jump in revenues is related to an increase in average room rates from 2023, they said.
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Yet, after-tax profits dipped to €1.3 million from more than €1.8 million in 2023, according to the Tollman family-owned company’s latest filings.
Administrative expenses, including wages and salaries, climbed by 10 per cent to just under €6.3 per cent.
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The directors acknowledged the increase in costs, the “main drivers” of which were food and labour costs.
Ashford Castle Hotel employed some 327 people last year, down from 342 in 2023, however, the company’s wages and salaries bill increased from €9.5 million to more than €10 million in the year.
Looking ahead, the directors said: “The company is expecting the continued trading improvements in the market to continue in 2025 and has seen an uplift to date.”
Meanwhile, accounts filed by the Lodge at Ashford Castle reveal a widening of after-tax losses at the four-star hotel on the Ashford estate to €1.15 million last year from €878,216.
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Revenues surged by 13.7 per cent to €7.4 million, which was “driven mainly by an increase in hotel occupancy”, the directors said.
The directors also cited challenges around staff retention and recruitment since the end of the Covid-19 pandemic.
Ashford general manager Niall Rochford, who has been approached for comment, told The Irish Times last year that the owners of the hotel had bought homes in a nearby estate to accommodate staff against the backdrop of the housing crisis and ongoing labour shortages in the hospitality sector.
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He said the business continued to struggle to find staff last year and had been forced to expand its employee accommodation due to a lack of suitable housing.
Meanwhile, at a ceremony in Paris on Wednesday night, Ashford Castle was awarded two keys at Michelin’s Key Hotels awards 2025.
The hotel was one of two new Irish names in the key listings, along with the Park Hotel Kenmare in Co Kerry.
The awards, which are similar to the Michelin star for restaurants, recognised the property as “an exceptional stay and a hotel of “character”.
