According to the latest accounts of the Old Course Hotel’s owner, Kohler Scotland Limited, there has been an increase in the number of guests in the last year with occupancy rates on the up.
This good news is tempered by the fact that the company has also seen a decrease in the sales of luxury apartments at Hamilton Grand beside the Old Course.
This decrease in sales has led to the company’s turnover reducing from £21.9m in 2015 to £18.2m last year, recording a loss for the year ending December 31 in the process.
This £1.3m loss comes just one year after it had recorded an impressive £948,000 pre-tax profit, which is a swing it will be looking to reverse in 2017.
Director Thomas Adler explained: “The underlying trading revenue of the hotel, golf resort and spa has increased due to the increase in the hotel’s occupancy rates and number of hotel guests, with reduced luxury apartment sales in the year accounting for the overall decrease in revenue of 17%.
“Competitive pressure in the UK and international resort markets are continuing risks for the company, particularly against the backdrop of the current economic climate.
“However, the directors are investing in room refurbishment and spa expansion to ensure that we maintain our competitive advantage.”
Kohler Scotland Limited is a wholly owned subsidiary of Kohler Co, which has provided the UK company with a £57.8m loan.
Adler acknowledges the unique pressures that Brexit has brought to the luxury hotel market but also thinks that the situation has the potential to increase the number of hotel guests from overseas.
“The weakening pound presents a risk of increased costs to the company but could also stimulate overseas tourist numbers visiting the UK,” Adler concluded.
Earlier this year the 144-bedroom hotel reopened after a major refurbishment of the roof, windows and bedrooms.