In August 2015, PCP III provided a five-year EUR 30 million senior secured loan facility to PREM Group, the Dublin-based hotel management company.
PREM Group’s current portfolio spans Ireland, Continental Europe and the UK, with more than 3,113 guest rooms and 1,500 employees. It manages and operates 38 hotels and service apartments, including city-centre budget hotels, 4-star business hotels and luxurious resort properties. It also owns PREMIER SUITES Dublin, with properties at Leeson Street, Sandyford and Ballsbridge.
PREM Group are the parent company to several business units to include their hospitality management division PREM Hospitality, RateWise, Sprint Digital, Trinity Hotel Groups, Rewards From Us To You, and Premier Business Centres. PREM Group partner with all sectors of the hospitality industry, sharing competencies and know-how. These businesses were established to service independent hoteliers and operators wanted to access specific areas of hospitality expertise without signing up for a full management contract. Their flexible business model means clients can simply select the services that best suit their current and changing needs.
The EUR 30 million-facility will be used to finance PREM Group’s expansion plans, including strategic acquisitions of freehold hotels, serviced apartment developments and hotel management and services companies. Some of the funds will also be used to refinance the company’s existing debt.
PCP is proud to have been selected by PREM Group to provide the financing required to support its expansion plan. This is the start of a long-term relationship and PCP looks forward to helping the company to achieve its objectives.