The two Michelin star restaurant, Terre is helping to drive revenues and occupancy rates at the five-star Castlemartyr Resort in Co Cork, according to its general manager.
The accounts show that Castlemartyr Country Hotel Resort Ltd recorded earnings of €350,237 in 2024 from what the directors describe as a “solid operational performance”.
The resort houses Terre and the restaurant has already secured two Michelin stars despite only opening in September 2022.
Dinner at Terre costs €220 per person excluding beverages and a sample menu includes choices such as Irish deer foie gras, wagyu beef ham, and Chawanmushi made up of Kristal Caviar, Stone Crab and Bone Broth.
RM Block
Brendan Comerford, general manager at Castlemartyr, said Terre “is a factor in driving revenues as well as increased occupancy”.
“Terre is very popular, and we have just released bookings for the coming months, including the Christmas period,” he said.
The accounts show that the business recorded earnings before interest, tax, depreciation and amortisation (Ebitda) of €350,237 in 2024.
The directors state that the company “performed in line with expectations” as revenues increased by 3 per cent from €14.5 million to €14.9 million.
The company’s pre-tax loss reduced from €1.89m to €1.08m after taking into account interest payments of €608,494 and non-cash depreciation costs of €811,296.
Singapore-based Dr Stanley Quek and Peng Loh purchased Castlemartyr Resort in July 2021 for about €20 million to add to an Irish portfolio that includes Sheen Falls in Co Kerry and the Trinity Townhouse Hotel in Dublin city centre.
“Business continues to grow under our new ownership who have invested €12 million in the property over the last three years,“ Mr Comerford said.
The international market continues to grow for us, reflecting our pro-active efforts in new markets. Meetings and events business is also showing strong signs of growth, and this reflects increased demand for in-person meetings and conferences. The outlook for 2025 remains positive.”
The directors state that they “are confident that the company will move to a profit in the coming years as a result of this investment”.
The resort is set on 220 acres of mature landscape and online rates for its 108 bedrooms and suites for Friday, October 31st range from €295 to €655.
The number of employees rose from 255 to 268 as staff costs increased marginally from €6.49 million to €6.51 million.
