PREM Group buys two Belgian hotels in €16m deal

THE Irish-owned PREM Group has purchased two Belgian hotels in a deal worth €16 million.

The move is part of a €100m European expansion.

It is the first acquisition in the continental market for the hotel specialist management company.

The two hotels are in Antwerp, Belgium, called The Golden Tulip Hotel and The Tulip Inn Antwerp. They will remain branded as Golden Tulip Hotels.

Cities targeted by the company, which also deals with serviced apartments and offices, include Berlin, Hamburg and Amsterdam.

PREM Group managing director Jim Murphy said: “PREM Group has expanded at an unprecedented rate in Ireland and the UK and so the natural progression on from this is to look at other markets close to home such as Belgium, Holland and Germany.

“The acquisition in Antwerp provides us with a base to drive forward our European expansion plans and we are currently looking into opportunities in Germany and Holland as well as other major cities in Belgium.”

The Golden Tulip Hotel is a four-star hotel located in Antwerp’s Diamond district and consists of 139 suites and apartments.

The Tulip Inn is a 66 bedroom three-star hotel located in the heart of Antwerp close to the train station.

This move brings to 12 the number of hotels PREM Groups has opened this year.

In addition, a 200-bed four-star hotel is planned for Antwerp in December 2006 and in March 2007 PREM Group will announce another acquisition of a 150 bedroom hotel in Belgium.

PREM Group also announced the creation of 250 jobs in Ireland and 50 jobs in Britain this year and a further 300 jobs in 2007 as part of a €400m investment programme which will grow the company’s portfolio of hotels, serviced apartments and offices by 50%.