PREM Group has signed contracts to purchase the Cahernane House Hotel, Killarney, Co Kerry. The hotel had been marketed for a guide pr
ice of €3 million. PREM Group is managing the property in the interim until the sale closes, which is expected later this month. The four star hotel set within its own private estate on the edge of Killarney National Park is the latest addition to the PREM Group family of hotels. Earlier this week, the company announced its acquisition of the Tulfarris Hotel & Golf Resort, near Blessington, County Wicklow.
Jim Murphy, Chief Executive, PREM Group, who began his hotel management career in Kerry, said “This is a unique property, full of history and character. It is a very special addition to our family of hotels and we look forward to working with the staff to maintain the excellent reputation that it already enjoys.”
He added: “We intend to invest further in the property over the coming year to renew and enhance the facilities that it already offers. We hope to finalise our plans once the sale has concluded.”
PREM Group now owns, leases and manages 44 properties across Ireland, the UK and Europe with 3,500 guest rooms and 1,500 employees under its management. It’s portfolio of city-centre budget hotels, 4 star business hotels and resort properties also includes the Osprey Hotel + Spa, a 104 bedroomed hotel in Naas, Co Kildare, which it purchased late 2015.
Last autumn, PREM Group announced a funding package worth €30 million with Proventus Capital Partners. The company has been using the substantial funds to finance its expansion plans. These include strategic acquisitions of freehold hotels, serviced apartment developments and hotel management as well as services companies in PREM Group’s core markets. The highly diversified company also includes Trinity Hospitality Services, a provider of specialist hospitality services to over 600 independent hotel owners and serviced apartment operators across Europe.