Hoteliers look outside of Dublin to find value

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Prem Group, the company that currently manages and operates more than 40 hotels and serviced apartments across Ireland, has raised €30m in new funding to acquire additional hotel properties around the country.

The funding has been raised from the Swedish-based, private equity firm, Proventus Capital Partners, and will be used according to Prem Group to acquire four-star hotels with good banqueting and conference facilities in towns and provincial cities across the country.

The company, which also operates hotels and serviced apartments across Northern Europe, is not targeting the Dublin market – due to a lack of value.

Meanwhile, planning permission has been granted to add nearly 370 new bedrooms to the former Bewley’s Hotel close to Dublin Airport, which is now owned by publicly-quoted hotel group, Dalata, and is called the Clayton.

The expansion would turn it into one of the country’s largest single entity hotels with about 850 rooms, but Dalata says it’s reviewing the project, which was submitted by the previous owners (Moran & Bewley Group).

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