Ireland: PREM Group has received €30 million of funding from Swedish finance house Proventus Capital Partners.
The Dublin-based company said it intends to use the funds to
finance its expansion plans, which include acquiring freehold
hotels, serviced apartment developments and hotel management and
services companies in its core European markets.
PREM Group's current portfolio spans Ireland, Belgium, France, Germany, Netherlands and the UK, with more than 3,000 guest rooms and 1,500 employees.
It manages and operates 42 hotels and serviced apartments as well as Premier Suites Dublin, with its properties at Leeson Street and Ballsbridge.
"We intend to expand PREM Group substantially over the next three years. This funding will allow us to move quickly when the right opportunities arise," said the company's CEO Jim Murphy.
In March this year, Proventus invested €20 million in Staycity, another Dublin-based serviced apartment owner/operator.