Kerry's Parknasilla Hotel surges into the black with €1.3 million profit
Silork Ltd, the company behind the four-star resort, said profits had 'increased significantly' from 2022 when it recorded losses of more than €400,000. It had made losses in excess of €600,000 in 2021.
The Parknasilla resort, which is situated close to the village of Sneem, has 88 bedrooms, 24 lodges, 38 three-bedroom villas, and a nine-hole golf course. The accounts say the hotel has 'high annual demand' with up to 48 per cent repeat business.
Jacqui Safra, a member of the billionaire Swiss-Lebanese banking family, purchased the business in 2012 for around €11 million, alongside local businessman Tony Daly. A valuation carried out in late 2022 estimated its worth at €24 million.
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Turnover remained broadly similar to the year before – €11.53 million in 2023, compared to €11.56 million in 2022. Revenue was significantly above its 2021 level of €6.8 million, as the hospitality industry recovered from the Covid-19 pandemic.
Employee headcount reached 121 in its most recent accounts, up from 119 in 2022 and from just 89 in 2021. Despite the rise in employees in 2023, staff costs decreased to €3.89 million from €4.02 million the previous year. Directors' remuneration increased from €120,000 to €250,000 due to pension contributions which were not made in 2022.
Total creditors had decreased in 2023 to €20.9 million, down from €23 million the previous year, with one loan present in 2022, worth €2.1 million, no longer present in 2023.
A €17.5 million loan owed to an unnamed US bank in 2022 had increased to €18.6 million in 2023 due to interest and foreign exchange changes.
The resort opened a
new €20 million loan facility
to refinance existing debt with a UK-based investment company in May 2025.
The Topland Group is providing the facility, which is secured against the hotel and resort. Mr Daly, Parknasilla's managing director, said at the time that the company was delighted to be working with 'a highly respected party like Topland' saying it was 'showing trust' in the Parknasilla property and the hospitality industry.
In November 2023, the High Court
granted a €146m judgment against the hotel's owner Mr Safra
when a suit was taken by MGG California LLC hoping to enforce a judgment against Mr Safra from the New York supreme court, less credit for sums already secured.
The court heard that the debt had arisen from a personal guarantee for 2018 loans to his company, Spring Mountain Vineyard Inc.
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