This follows a £3.2m profit in 2022. The company attributed the shift to several factors, noting that 2022 was an “exceptional year” for revenue generated due to hosting The Open Golf Championship and the sale of luxury apartments in Hamilton Grand. Increased utility costs also played a role in the 2023 loss.

Despite the results, the hotel itself saw a 7% rise in revenue due to improved pricing strategies. However, overall revenue was down 17% compared to the previous year due to the impact of the Hamilton Grand apartment sales in 2022.

The company, primarily owned by US-based Kohler Co, has continued to invest in the hotel, with recent improvements including refurbished bedrooms, a new spa, the Swilcan Loft restaurant and bar, and a revamped Jigger Inn pub.