Prem Group has announced that it has purchased Tulfarris Hotel & golf Resort near Blessington, County Wicklow for in excess of €8 million.
In February, the four-star property came on the market through DTZ Sherry FitzGerald at €5 million.
The four-star resort is the latest acquisition by the Dublin-based company which now owns, leases and manages 43 properties across Ireland, the UK and Europe with 3,500 guest rooms and 1,500 employees under its management. The purchase of Tulfarris brings the group's total of properties in Ireland to 16.
The company’s portfolio of city-centre budget hotels, 4-star business hotels and resort properties includes the Osprey Hotel + Spa in Naas, Co. Kildare, which it purchased late 2015.
Last autumn, Prem Group announced a funding package worth €30 million with Proventus Capital Partners. The company has been using the funds to finance its expansion plans. These include strategic acquisitions of freehold hotels, serviced apartment developments and hotel management as well as services companies in PREM Group’s core markets.
Announcing its latest acquisition, Jim Murphy, Chief Executive, Prem Group said: "We are delighted to have the opportunity to add this excellent property to the Prem Group family of hotels. Our intention is to have 50 properties within the Prem Group portfolio by the end of 2017 across all our key markets. This will include 20 serviced apartment properties under our Premier Suites brand."
