Hotels

PREM signs Intercon deal

PREM Hospitality has signed a Multiple Development Agreement (MDA) with InterContinental Hotels Group (IHG). The deal will see PREM Hospitality sign franchise agreements for up to 10 hotels across Belgium, Netherlands and Germany the first of which will be the Holiday Inn Express in Antwerp which is due to open in 2021. Further properties under this agreement will come online over the next five years. PREM Hospitality currently operates 14 hotels in the Benelux region and this deal could add a further 1,000 rooms to its portfolio. jmurphy1019

Jim Murphy CEO of PREM Group said,

Doyle grows UK revenues

Turnover at the Doyle hotel group’s four UK properties rose 11 per cent last year to €69 million. marylebone1019

Some 47 per cent of Doyle’s overall turnover is denominated in sterling. It operates four hotels in Britain – three in London (the Kensington, Marylebone and Bloomsbury) and one in Bristol. The Marylebone and Kensington properties both received upgrades during the year.

Latest accounts for Doyle Hotels (Holdings) Ltd show that the group made a pretax profit of €11.6 million on turnover of €146.5 million in 2018.

It recorded an Ebitda of €31.5 million, up from €30.4 million in the previous year.

Gresham pays €7m dividend

The Spanish owners of Dublin's Gresham Hotel received a €7m interim dividend last year, bringing to €10m the total dividend payments by the business since it was acquired three years ago.

Spain's Riu hotels group bought the Gresham on O'Connell St in 2016 for €92m.

Newly filed accounts for the Gresham show that its profits grew more than 17pc to €5.1m last year. Its revenues rose nearly 15pc, to €20.2m.

Canadian hotelier buys Portmarnock Links

A Canadian hotel operator has bought the Portmarnock Hotel & Golf Links from US real estate investment group Kennedy Wilson for about €50 million. portmarnock1019

The completion of the deal on Wednesday sees ownership of the Dublin golf resort pass to the Vancouver-headquartered hospitality specialist, Northland Properties Group. The purchase represents the company’s first investment in Ireland.

Established in 1963, Northland Properties is owned and operated by the family of its founder, the billionaire businessman Bob Gaglardi. The company’s portfolio is extensive and comprises more than 50 hotels and 140 restaurants distributed across Canada, the United States and the UK. Northland’s various brands include the Sandman Inn hotels, the Sutton Place hotel chain, as well as Moxie’s Bar & Grill and the Canadian franchise for Denny’s restaurants. In 2011, the company, which is headed up by Bob Gaglardi’s son, Tom, acquired the Dallas Stars NHL Hockey Club.

Press Up grow hotel influence

Press Up Entertainment has an increasingly large influence on Ireland's hotel scene, according to a new report. clarence

The quarterly hotel market survey by estate agents Cushman & Wakefield noted that Mr McKillen and partner Matt Ryan's Press Up - already owners of the Clarence, Dean and Devlin hotels in Dublin - had purchased the Glasson Country House Hotel in Co Athlone for €9m. It plans to open the 100-bedroom Mayson in Dublin's Docklands in December, and is building two Dean hotels in Cork and Galway.

The report found that hotel sales and construction are far higher this year than in 2018 or 2017, particularly on the boutique end of the market.