Loan facility to Irish PREM Group
October 1, 2015
In August 2015, Proventus Capital Partners 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, Belgium, France, Germany, Netherlands and the UK, with more than 3,000 guest rooms and 1,500 employees. It manages and operates 42 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 and Ballsbridge.
In addition, the diversified company includes Trinity Hospitality Services, a provider of bespoke centralised purchasing, sales, marketing and IT-services to over 500 hotels clients across Europe.
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.
Proventus Capital Partners 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 Proventus Capital Partners looks forward to helping the company to achieve its objectives.