Scotland’s Old Course Hotel saw revenues rise by more than 30% last year, bolstered by an increase in occupancy and apartment sales.
The Old Course Limited, owned by Kohler Scotland Limited, saw turnover grow from £5.6m to £23.7m for the year ending December 31 2017 in the latest report filled on Companies House.
Director Herbert Kohler said in the report that the rise in revenues was down to higher occupancies and an increase in the number of total guests visiting the Scottish resort.
Despite the rise, the annual accounts also show the firm recorded a pre-tax loss of £4.2m against a £834,000 deficit in 2016.
Kohler said: “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 increased luxury apartment sales in the year adding to the overall increase in revenue of 31%.”
The hotel closed for three and a half months from January 2017 while an £8m refurbishment was completed.
The Kohler spa reopened in January this year, marking the first branded spa to launch outside the US.
The Old Course Limited is 99.8% owned by Kohler Scotland Limited, a subsidiary of American-based Kohler Co. The R&A own the remaining 0.2%.
Commenting on the risks to the company, Kohler added: “Competitive pressure in the UK and international resort markets are continuing risks for the company, particularly against the backdrop of the current economic climate.
“The company manages these risks by investing in superior quality products and services in an effort to distinguish itself from its competitors.
“The directors are investing in room refurbishment and spa expansion to ensure that we maintain our competitive advantage.”
The five-star Old Course Hotel is home to 144 bedrooms and a 3 AA Rosette restaurant alongside the epic spa.