Dublin-based hotel company Prem Group has finalized a deal to take over the Tulfarris Hotel & Golf Resort in County Wicklow. The group will reportedly pay more than €8 million for the hotel, which it has managed since 2009. PREM Group was advised by CBRE Dublin during the bid process.
This year, Prem Group has added serviced apartments in Scotland, bringing its total number of properties to 13. Further developments are planned for the UK, as well as Amsterdam, Brussels, and Rotterdam over the next 18 months. Last autumn, the Group partnered with Swedish lender Proventus Capital Partners for a funding package worth €30 million.
Looking ahead, the Group is also negotiating the purchase of two hotels in Ireland and the UK, respectively, and will invest in upgrades to Tulfarris.
“Our intention is to have 50 properties within the PREM Group portfolio by the end of 2017 across all our key markets,” Prem Group CEO Jim Murphy said in a statement. “This will include 20 serviced apartment properties under our Premier Suite brand.”
Sources: Irish Independent, Irish Examiner