Business News

PREM Group announces €30m funding package with Proventus

By Business & Finance
04 September 2015
Jim Murphy CEO PREM Group
Jim Murphy, CEO, PREM Group

Hotel management company PREM Group has announced a funding package worth €30m with Proventus Capital Partners.

PREM Group intends to use the substantial funds to finance its expansion plans, which include strategic acquisitions of freehold hotels, serviced apartment developments and hotel management and services companies in European markets.

PREM Group’s current portfolio spans Ireland, Belgium, France, Germany, Netherlands and the UK, with more than 3,000 guest rooms and 1,500 employees.

Jim Murphy, CEO, PREM Group said: “We intend to expand PREM Group substantially over the next three years. This funding will allow us to move quickly when the right opportunities arise. We are looking across all our markets including Ireland, where there is still some good value to be had, especially in the four star sector outside Dublin. The success of Trinity Hospitality Services also points to an increasing demand across Europe for bespoke back office services that deliver value and competitiveness for independent hotels.

Proventus Capital Partners investment director, Gabriella Sahlman, said: “Proventus Capital Partners’ mission is to provide debt financing to dynamic and growing businesses around Europe. We are proud to have been selected by PREM Group to provide the financing required to support them in their expansion plan. This is the start of a long-term relationship where we look forward to helping the company achieve its objectives.”