Wednesday 21 February 2018

Prem Group completes €8m deal for Tulfarris

Tulfarris Hotel & Golf Resort in Co Wicklow
Tulfarris Hotel & Golf Resort in Co Wicklow
Jim Murphy, chief executive, PREM Group

Peter Flanagan Commercial Property Editor

Hotel management group Prem Group has completed a deal to take over the Tulfarris Hotel & Golf Resort in Co Wicklow.

The group will pay €8m for the hotel, which it has managed since 2009.

In a statement, Prem Group chief executive Jim Murphy said he was "delighted to have the opportunity to add this excellent and popular resort to our family of hotels".

"Our intention is to have 50 properties within the Prem Group portfolio by the end of 2017 across all our key markets. This will include 20 serviced apartment properties under our Premier Suites brand."

Developer Paddy Kelly controlled Tulfarris until 2009 when Anglo Irish Bank appointed receivers over the property in relation to loans of €25m. Mr Kelly bought the property for a little less than €18m in 2003.

It is thought Mr Kelly and his partners invested close to €60m in the hotel.

The receiver Paul McCann of Grant Thornton put the hotel on the market through DTZ Sherry Fitzgerald in February with an asking price of €5m.

The property includes a 67- bedroom four-star hotel, and a seven-bedroom manor house.

The property also includes a championship golf course set in 220 acres around Blessington Lakes. After the deal, Dublin-based Prem Group said it now owns, leases or manages 43 properties across Ireland, the UK and the rest of Europe with 3,500 bed rooms and 1,500 employees under its management.

Its portfolio is said to comprise city-centre budget hotels and four star business hotels and resorts including the Osprey Hotel + Spa, Naas, which it acquired in 2015.

This is the latest hotel sale in the €5m to €15m range in recent months. That range is proving more and more popular as most of the big ticket hotels, apart from the former Burlington and Gresham hotels, have been sold in recent years.

Last week it emerged that Dublin GAA stars Alan and Bernard Brogan, along with their father Bernard Sr, will pay €8m for the Pillo Hotel in Ashbourne, Co Meath. That four-star hotel was put on the market in January of this year.

Irish Independent

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