DUBLIN: Prem Group said that it is to be funded by Proventus Capital Partners for a €30m expansion, which will include acquiring freehold hotels, serviced apartment developments and hotel management and services companies in its core European markets.
The Dublin-based company currently manages and operates 42 hotels and serviced apartments including city-centre budget hotels, 4-star business hotels and luxurious resort properties. It also owns Premier Suites Dublin, which has properties at Leeson Street and Ballsbridge, and Trinity Hospitality Services, a provider of bespoke centralised purchasing, sales, marketing, IT services to over 500 hotel clients across Europe.
Its current portfolio is in Ireland, Belgium, France, Germany, Netherlands and the UK, and includes more than 3,000 guest rooms and 1,500 employees.
“We intend to expand PREM Group substantially over the next three years,” said Prem Group CEO, Jim Murphy. “This funding will allow us to move quickly when the right opportunities arise.
“We are looking across all our markets including Ireland, where there is still some good value to be had, especially in the four star sector outside Dublin. The success of Trinity Hospitality Services also points to an increasing demand across Europe for bespoke back office services that deliver value and competitiveness for independent hotels. We intend to grow our business in this sector further through expansion and acquisition of like-minded companies.
“The service apartment sector is also important to us; we have a pipeline of leasehold apartments opening in the UK, Belgium and the Netherlands.”
