PREM Group Sells Premier Suites Plus, Ballsbridge, For Reported €17.5m
The PREM Group has sold its 49-unit Premier Suites Plus Aparthotel in Ballsbridge, Dublin, in a deal reported to be worth in the region of €17.5 million. The PREM Group have also agreed to a 35-year leaseback deal, which represents the first sale and leaseback in the aparthotel space in Ireland. The PREM Group will continue to operate the aparthotel under its Premier Suites brand on behalf of the new owners.
The sale of the Dublin property represents another big transaction for PREM Group, which recently purchased the Aspect Hotel in Kilkenny. The group has also carried out major renovations on a number of its hotels throughout Ireland over the past 18 months including The Osprey Hotel, Naas, and Cahernane House Hotel, Killarney.
"An Excellent Choice" For Travelers
Speaking about the sale of the Premier Suites Plus Aparthotel, Ballsbridge, Jim Murphy, CEO of the PREM Group, said, “We are delighted to secure the sale of the Premier Suites Plus property in Ballsbridge to Aviva Investors, and we are equally happy to continue to run and manage the property. Premier Suites in Ballsbridge has been very successful for us in recent years and is proving to be an excellent choice for long stay and business travelers. We developed this business model in Ireland some 20 years ago and have since opened other Premier Suites in several large cities in Europe. We recently opened a Premier Suites property in Belgium in the heart of Antwerp’s Diamond district on the 1st September, making it the first Premier Suites property in Belgium and brings the number of aparthotels which we operate now to fifteen.”
The proceeds of the sale of Premier Suites Ballsbridge will be used to grow hotel operations, and PREM is looking to grow the turnover from €70 million to over €100 million in the next 18 months.
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.