We are delighted to announce the sale of our PREMIER SUITES PLUS property in Ballsbridge to Aviva Investors. As part of the deal, we have also agreed to a 35-year leaseback, which represents the first sale and leaseback in the aparthotel space in Ireland.PREM Group will continue to run and manage the property and it’s business as usual for our team and customers.
PREMIER SUITES in Ballsbridge has been very successful for us in recent years and is proving to be an excellent choice for long stay and business guests. We developed this business model in Ireland some 20 years ago and have since opened other PREMIER SUITES in several large cities in Europe. We recently opened a PREMIER SUITES property in Belgium in the heart of Antwerp’s Diamond district on the 1st September, making it the first Premier Suites property in Belgium and brings the number of aparthotels which we operate now to fifteen.
The proceeds of the sale of PREMIER SUITES PLUS Ballsbridge will be used to grow hotel operations and we are looking to grow the turnover from €70 million to over €100 million in the next 18 months.
Commenting on the sale, our CEO Jim Murphy said “We sold PREMIER SUITES in Ballsbridge because the market conditions were right. We didn’t need to sell it and are happy to lease it back as it’s an excellent business and one which we know very well. We are actively looking for opportunities which will be complimentary to our current pipeline and would certainly consider future acquisitions in northern Europe. PREM has pedigree in managing properties on behalf of hotel owners and our managed properties are preforming very well which makes us an attractive option for an investor to run and operate their property.”
Dave Murray, Director, CBRE Hotels, Ireland who handled the sale of PREMIER SUITES PLUS Ballsbridge said, “CBRE are delighted to have completed the sale and this deal shows the huge interest that the capital markets have in the hospitality space in Europe.”