Special report: Waterford hoteliers earned more than €36m in state contracts for refugee accommodation
Waterford Sinn Féin TD said the State's asylum system "has led to private companies profiting massively while taxpayers are footing the bill." Photos: Alex Cunningham/Joe Evans/Google Maps
In the wake of nationwide fuel protests, there is perhaps more scrutiny than ever on the way in which the State spends and raises its money. Out of every category of the ballooning exchequer, few spending streams have generated as much discourse as refugee accommodation.
An analysis of Government spending showed that a select group of Waterford hoteliers have netted more than €36 million in state contracts for the accommodation of Ukrainian refugees.
The ultimate sum is likely to be higher, with state departments only disclosing purchase orders that exceed €20,000.
Trading as Treacy’s (Waterford) Ltd and Treacy’s Hotel Ltd, the hotelier was comfortably the largest earner out of the Waterford groups examined - around €23 million was routed through the hotel registered at 1 The Quay.
However, the total money taken by associated businesses and subsidiaries is far larger.
Company records list hotel owners John and Patrick Treacy as directors of three other companies: Timbertoes Unlimited, Leah Unicorn Unlimited and Shannon Estuary Hotel Limited. In total, the three companies earned €32 million from state contracts.
- - €7.36m. Timbertoes is the adjoining bar in Treacy’s Waterford hotel. The company is registered on Clare Road, Ennis, Co. Clare.
- - €18.5m. The company acts as the overseer of Treacy’s ‘M Hotel’ in Carrickmacross, Co. Monaghan.
- - €6.1m. The Treacys have been incorporated in the hotel since 2017.
Treacy’s hotel in Waterford, which was incorporated in 1978, did not respond to requests for comment made by the
Two hotels owned by the McGrath family in Dungarvan have taken in more than €10 million from state contracts since Russia’s invasion of Ukraine.
Clonea Strand first began taking in money from state contracts in 2022 Q2.
Set on Dungarvan harbour, the golf resort - which manages a host of self-catering accommodations - began earning state contracts for the accommodation of Ukrainian refugees in Q3 2022.
By the end of last year, the company had accumulated €4.5 million from state contracts.
In 2024, the company recorded a profit of €2.2 million, its highest figure over a five-year period beginning in 2020.
The hotels did not respond to requests for comment.
The subject of immigration has been one of the most fraught and polarising debates across Ireland’s political landscape.
Many have championed Ireland’s humanitarian response to the invasion of Ukraine, which was one of the strongest and most widely supported across Europe.
Others have raised issue with a perceived overreliance on deals with private hoteliers that have acted as a poor use of taxpayers’ money, and have argued further investment should be concentrated in providing state-owned accommodation.
In 2024, figures released at the Public Accounts Committee showed the State had been paying more than twice as much per night for refugee accommodation from private providers than state-owned housing.
Criticism has also arisen against involved hoteliers, where some locals accuse them of cutting or reducing civic amenities in pursuit of lucrative state contracts.
An analysis of Treacy’s Hotel’s financials showed profits and the company’s balance of current assets to current liabilities (current ratio) greatly improved when Treacy’s began earning from state contracts.
contacted all four of Waterford’s elected TDs with a request for comment.
“The refugee accommodation system is not fit-for-purpose, and has led to private companies profiting massively while taxpayers are footing the bill,” said Sinn Féin TD David Cullinane.
“We want to see hotels return to business-as-usual providing facilities to communities and tourists alike.
“It has to be recognised that the Ukrainian community in Waterford is welcome, and not at all to blame for the circumstances they are in or where they are provided accommodation.
“Sinn Féin has been demanding a review of all IPAS and Ukrainian accommodation contracts, transparency and fairness for taxpayers, and for the Government to provide special purpose State accommodation services so that these hotels can be returned to use in local communities.”
At the time of writing, Deputy Cullinane’s party colleague Conor McGuinness, as well as Government Ministers of State Mary Butler (Fianna Fáil) and John Cummins (Fine Gael) did not respond.
Across four years of conflict, parties across the aisle have increasingly changed their tack on the politics of state refugee contracts.
In March, the State announced its intention to wind down the Accommodation Recognition Payment, a tax-free payment presented to individuals housing Ukrainian refugees in their spare rooms or second homes.
Minister of State for Migration Colm Brophy said plans would be put in place to completely phase out payments to hoteliers.
Despite the increased use of tougher language, two Waterford hoteliers saw it as advantageous to begin taking on Ukrainian refugees for the first time in 2025.
The iconic hotel, perched on Waterford’s Little Island, recorded a sharp downturn in profits in 2024, falling from €4.3 million to €300k.
The hotel, owned by local businessman Seamus Walsh, also offers self-catering accommodation. For the year of 2025, the company took in €1.2 million from Government contracts.
The company did not respond to requests for comment.
Comfortably the most opaque of the companies covered, Waterford Hospitality’s ownership is multi-layered.
A planning application submitted to Waterford City and County Council in 2020 showed the Fitzwilton Hotel on Bridge Street in the care of Waterford Hospitality Ltd.
Land registry records for the Fitzwilton Hotel list the property under the management of ‘SCIF HOTELS GENERAL PARTNER’, a company registered in the Isle of Man.
Reports from the detail SCIF as a limited partnership operating under the former name of Austrian investor Thomas Röggla’s TMR Hotel Collection.
In a Dublin property deal, property management company Lanthorn operated on behalf of SCIF. Lanthorn’s property portfolio lists the Fitzwilton Hotel.
Waterford Hospitality Ltd took home €655k from state contracts.
The extent of Waterford’s involvement in hotels profiting from refugee accommodation likely goes far further.
Reporting from other outlets like showed that ‘Millstreet Equestrian Services’, a portfolio of properties run by Cork’s Duggan family, have a presence in Waterford.
The company merged with Cromey Ltd in 2021, and now operates an international protection site at Viking House in Waterford City. The group have made an estimated €96 million from state contracts.
A recent HIQA report found the providers at Viking House were “delivering a good quality service and for the most part, residents felt safe and protected.”
