PREM Group, has renegotiated a €38m debt facility with Swedish lender Proventus.
The facility, which was due at the end of August, has been extended out until 2022. PREM Group entered into the €38m debt facility in 2015, which it used to purchase several significant freehold assets, including Tulfarris Hotel and Golf Resort in Co Wicklow.
Jim Murphy, chief executive of PREM Group, said the renegotiation had been identified as crucial for the business.
"When we went into this crisis in March, and we were closing down hotels, and we sat with our team and prioritised what we needed to do to come through this crisis, top of the list was renegotiating our €38m debt facility," he said. "We needed to make sure we had the support of our funders, and I'm delighted to say we have been successful in renegotiating that debt facility.