This article is from page 62 of the 2005-10-25 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 62 JPG
THE promoters of the US-owned Doonbeg Golf Club remained upbeat this week on the project’s future and performance to date in spite of the venture accumulating losses of €15.9 million since its inception.
Accounts for 2004 recently re- turned to the Companies Office show an accumulated loss of €15.9 million, including a loss of €3.2 million last year.
However, the losses will be wiped from the accounts next year when the golf club will show a sub- stantial profit when the sales from the luxury suites from The Lodge
appear in the accounts.
The golf club confirmed that 45 of the 47 one to four bedroom luxury suites currently under con- struction have been sold and this is expected to generate an estimated €30 million, with a number of the suites selling for €1.6 million.
The figures show that the US- backers of the project have invest- ed €37.5 million in the project, resulting in the company’s balance sheet showing a positive balance of €29 million even with the loss of €15.9 million taken into account.
Also, the figures show that the golf club’s legal adviser and com- pany director, Ennis-based solic1-
tor, Des Houlihan has been paid €262,856 in legal expenses in me
According to a company spokes- man, “Doonbeg Golf Club project is on budget and on schedule…The project has more than lived up to expectations and the feedback from those playing the course and investing in the suites has been un- reservedly positive.”
He said: “The Lodge, along with the all of the major facili- ties, including the clubhouse, the pro-shop, the restaurants/bars, the spa and the accommodation are on schedule to be completed early in the New Year.”