Overview: Camiral’s pretax loss amid expansion and the Ryder Cup milestone
Denis O’Brien’s hospitality group, Murryhill Holdings Ltd, which operates the five‑star Camiral Golf and Wellness Resort in Girona, Spain, reported a pretax loss of £2.56 million (€2.94 million) for the last financial year. The results, filed at Companies House, come as the group navigates revenue shifts, foreign exchange effects and ongoing investments tied to the resort’s expansion and its Ryder Cup destiny.
Revenue trends and the FX impact
The group’s revenues fell by 17% year over year, from £59.42 million to £38.8 million. The decline stemmed largely from construction revenue, which tumbled 63% from £38 million to £13.9 million. In contrast, “service revenue”—the ongoing operation of the resort’s leisure complex, golf courses, hotel and wellness facilities—rose by 16.5%, increasing from £21.37 million to £24.9 million.
Additionally, the accounts note a foreign exchange hit of £1.4 million, reflecting the operational reality of conducting business in euros while the group’s accounting is reported in pounds. When combined with non‑cash depreciation, amortisation and impairment costs of £2.69 million, the pretax position deteriorated further ahead of year‑end statutory reporting.
Assets, investments and the Ryder Cup catalyst
Despite the loss, the directors highlighted a strategic milestone: Camiral’s investment property in Spain has been awarded the 2031 Ryder Cup. This marks the second time Spain will host the prestigious team event, following Seve Ballesteros’s Europe victory at Valderrama in 1997. The event is expected to drive long‑term demand for the resort’s residential and leisure offerings.
Camiral sits on a 540‑hectare estate featuring two golf courses, a five‑star hotel and the Lavida boutique hotel. The group continued capital expenditure in 2024, investing £5.18 million in tangible fixed assets, a step up from £2.4 million in 2023. Government grants of £738,000 supported expenditure on fixed assets, research and training, helping to offset some of the costs of expansion and enhancement.
Operations, staff and financial composition
The business combines the construction and sale of residential homes and apartments with the operation of a luxury leisure complex. Staff numbers rose modestly from 366 to 389 during the year, while staff costs edged up from £10.4 million to £10.6 million. The pretax loss also reflects interest payable of £1.17 million and operating lease costs of £1.58 million, underscoring the leverage and rental commitments associated with a mixed‑use resort of this scale.
Ownership and corporate structure
The ultimate parent entity of Murryhill Holdings Ltd is Distell Ltd, registered in the Isle of Man, with the accounts noting that the ultimate beneficial owner of the group is Denis O’Brien. The arrangement positions Camiral within a broader portfolio of hospitality investments, including a Portuguese resort flagged in related coverage as having profits growth in the period.
Looking ahead
With the Ryder Cup 2031 secured for Spain, Camiral’s governance team will likely continue pursuing asset enhancement, strategic marketing, and hospitality offerings to capitalize on the event‑driven demand. The reported year‑end results reflect a transitional phase—balancing ongoing asset purchases, FX considerations, and non‑cash charges—while maintaining a platform intended to attract high‑end guests and international events in the coming years.
