April 2008: Leading hotel operator PREM Group, has today announced that its European Hotel Consortium (EHC) - a joint venture with Goodbody Stockbrokers - has reported an increase in value of €27 million. The portfolio was acquired in four separate transactions throughout 2007 at a cost of €130 million. The valuation report carried out by CB Richard Ellis (CBRE) in April 2008 currently values the portfolio at €157 million. The CBRE report attributes the increase in value to the improved financial performance as a result of the ‘hands on’ management and marketing of the hotels by PREM Group and the stability of the Belgian economy. PREM Group is now the second largest hotel operator in Belgium. The EHC currently comprises 13 three- and four-star hotels in Belgium and France. The hotels are branded as Holiday Inn, Holiday Inn Express, Crowne Plaza, Ramada and Ramada Plaza and are based in Hasselt, Mechelen, Antwerp, Ghent, Ostend and Calais. Plans to further expand the EHC are in the pipeline with acquisitions anticipated in Belgium, Germany and Poland in the near future. Commenting Jim Murphy, managing director, PREM Group said “The EHC continues to thrive and is performing well above the market average. In view of the current market conditions and positive prospects for the next 12 months, we are confident that the portfolio will continue to increase in value and yield a healthy return for investors.” Commenting David Clarke Head of Private Client Property Investment, Goodbody Stockbrokers said “We are delighted with the increase in value of the EHC in the past twelve months. In the current climate, this is a good news story. Goodbody’s still has a number of investment slots available at the original price and investors joining the fund before the end of May will enjoy an immediate uplift in their investment.” PREM Group, Ireland’s largest hotel operator, operates 37 hotels and aparthotels in Ireland, England, and Northern Europe. The company, whose head office is in Dublin, employs 1400 people and had a turnover of €60 million in 2007 which is expected to rise to €100 million in 2008. Goodbody Stockbrokers is Ireland’s longest established stockbroking firm with roots dating back to 1877. As well as being one of the leading institutional brokers, Goodbody Stockbrokers are the largest private client firm in Ireland. Goodbody is a wholly-owned subsidiary of AIB Capital Markets plc, a division of Ireland’s largest bank and public company, AIB Group plc. Goodbody currently employs over 300 people. ENDS FURTHER INFORMATION: Winifred McCourt / Angie Grant Weber ShandwickTelephone: 01 676 0168 Mobile: 087 244 6004 / 086 377 2791
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