Prem Group and Goodbody Stockbroker Announce
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Prem Group and Goodbody Stockbroker Announce
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Category: Europe
This is a press release selected by our editorial committee and published online for free on 2007-09-07
PREM Group and Goodbody Stockbrokers have today announced the acquisition of a portfolio of hotels in Belgium and Calais, France as part of a joint venture investing in European Hotels. The European Hotel Consortium, which includes four hotels acquired by PREM Group last year, will comprise 13 hotels with further acquisitions anticipated. The total value of the portfolio is €130 million. Debt funding was provided by AIB Corporate Banking in Dublin
The hotels, which are branded Holiday Inn, Holiday Inn Express and Crowne Plaza, are based in Hasselt, Mechelen, Antwerp, Ghent, Ostend and Calais. All hotels, which are recently constructed or renovated, will be managed by PREM Group making it the second largest hotel operator in Belgium. The hotels are 3-4 star standard.
Last year PREM Group announced a €100 million European expansion programme and acquired four hotels, the Golden Tulip Hotel, the Tulip Inn, the Ramada Plaza Hotel in Antwerp and the Bedford Hotel in Liège at a cost of €48 million. All four properties are included in the European Fund.
Commenting Jim Murphy, Managing Director, PREM Group said “We already have a strong presence in Ireland and the UK and we are now developing opportunities across Northern Europe. In particular we are researching opportunities in other major European cities including Berlin, Hamburg and Amsterdam as well as Poland. We have a strong track record in the premium sector of the hotel market which is where we see real growth opportunities. Our efforts are focussed on hotels based in urban areas with good central locations offering premium standard accommodation and good strong brand names”.
Commenting David Clarke Head of Private Client Property Investment, Goodbody Stockbrokers said “We are delighted to be partnering with PREM Group who have an excellent track record in the premium hotel sector. This joint venture provides us an opportunity to invest in a sector of the Northern European economy where the solid fundamentals and strong potential returns are very interesting”.
Hilary Gormley, Head of Hotel & Retail Sectors, in AIB Corporate Banking Ireland commented “We are delighted to be partnered with PREM Group in delivering innovative financial solutions to fund their expansion strategy. We supported their initial European expansion programme and are now debt funding their European Hotels Property Consortium launched in conjunction with Goodbody Stockbrokers."
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