Griffin Group Hotels reported a profit of €1.8 million for 2022, its latest accounts show.
Turnover at the group which operates Monart Destination Spa, the Ferrycarrig Hotel, and Hotel Kilkenny recovered to €25 million last year after Covid restrictions were lifted.
Michael Griffin, CEO of Griffin Group Hotels said the business was significantly impacted by the rise in the cost of food, energy, and interest rates.
"The rise in the basic cost of living created by global supply chain issues, the war in Ukraine, energy insecurity, and the relentless rise in interest rates has without doubt dampened the ability of our sector to create profit," he said.
"Given these conditions, we are very proud of the performance of our teams and the continued investment programme in all of our hotel and spa operations for 2022," he added.
The group continued to invest in their properties, with €2.1 million capital invested throughout last year.
This included the refurbishment of all bedrooms at Monart Destination Spa, a renovation of Hotel Kilkenny's "Rosehill 1831" bar and continued refurbishment of the Ferrycarrig Hotel bedrooms and public areas.
The group also installed and commissioned the first phase of its Monart Solar farm, which secured planning last year and began energy production in April of this year.
Ken McElhinney, the group's director of sustainability said the group continues to invest in ongoing sustainability measures.
"The company is steadily rolling out its roadmap across the key energy, water, waste, and transport areas," he said.
"Substantial progress is being made, and we are now focusing on extending the initial Monart Solar farm to full production and installing further engineering solutions for carbon reduction," he added.
