The group embarked on a significant portfolio expansion last year after agreeing a €30m funding package with Swedish investment group Proventus Capital Partners and yesterday announced the €8m purchase of Tulfarris Hotel and Golf Resort near Blessington.
Prem owns, manages, or leases more than 40 properties in Ireland, Britain, Belgium, and the Netherlands across its four-star hotel and serviced apartments portfolios.
By the end of next year, the group aims to have 50 properties, of which 20 will be serviced apartments under the Premier Suites brand.
“We are looking at a pipeline of locations to expand our Premier Suites collection in major cities across Europe,” said Prem Group chief executive Jim Murphy.
“The growing popularity of the serviced apartment/apart-hotel sector in Ireland and the UK shows that increasing numbers of business and leisure travellers are choosing more flexible alternatives to traditional hotel accommodation for extended stays.”
Further investment in Tulfarris is also anticipated and it is believed that the acquisition talks surrounding the two new hotels are at a very advanced stage.
Prem will also continue to grow its Trinity Hospitality Services business by spending €70m this year.