Tulfarris Hotel & Golf Resort in Wicklow sells for €8m
Latest acquisition by Prem Group which aims to have 50 properties by 2017
Tulfarris Hotel & Golf Resort has been purchased for €8 million by the Prem Group. File photograph
The hotel has been managed by the company for the past seven years and its chief executive Jim Murphy said the acquisition will help its plans to own 50 properties across key markets by 2017.
Its portfolio comprises city-centre budget hotels, four star business hotels and resort properties including the Osprey Hotel and Spa in Naas.
Last year the Prem Group announced a funding package worth €30 million with Proventus Capital Partners which it has used to finance expansion.
The company also owns Trinity Hospitality Services, a provider of specialist services to over 600 independent hotel owners and serviced apartment operators across Europe.
“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,” Mr Murphy said.
“We are looking at a pipeline of locations to expand our Premier Suites collection in major cities across Europe.”
Since the beginning of the year, in addition to hotel acquisitions, the company has expanded its its serviced apartments to Scotland, bringing the total number of locations to 13.
Further developments are planned for the UK, as well as Amsterdam, Brussels, and Rotterdam over the next 18 months, it said in a statement.