PREM Group sees €37m increase

HOTEL operator PREM Group said its European Hotel Consortium (EHC) — a joint venture with Goodbody Stockbrokers — has reported an increase in value of €37 million.

The portfolio was acquired in four separate transactions last year at a cost of €120m.

The valuation report, carried out by CB Richard Ellis (CBRE) this month, values the portfolio at €157 million, PREM Group said yesterday, adding that CBRE attributes the value increase to the ‘hands on’ management and marketing of the hotels by PREM Group, and the stability of the Belgian economy.