Prem Group obtained investments from funds managed by subsidiaries of Fortress Investment Group, which acquired a majority stake in the company through an off-market acquisition of interests held by non-executive shareholders.

Fortress will invest alongside the existing management team, which reinvests the majority of its holdings, to implement a joint business plan to grow the business through the acquisition of fully owned hotels and serviced apartments in UK, Ireland and mainland Europe. The expansion of Premier Suites in target cities across Europe will be one of the group’s main priorities.

Founded in 1996, Prem Group, headquartered in Dublin, rents, owns and manages 38 hotels and serviced apartments in Ireland, the United Kingdom, Belgium and the Netherlands. Its fifteen serviced apartments are operated under the group’s Premier Suites brand, which targets the corporate and extended stay market. Prem Group is also the parent company of several business units, including revenue management firm RateWise and digital marketing agency Sprint Digital.

Founded in 1998, Fortress manages approximately $ 53.9 billion in assets on behalf of approximately 1,800 institutional clients and private investors worldwide through a range of credit and real estate, private equity strategies and permanent capital investment.

Jim Murphy, CEO of Prem Group, said: “The investment from Fortress Investment Group will provide significant additional capital for expansion, including in geographies such as Germany where the group does not currently have a presence. Fortress recognizes that we already have a strong regional presence across Europe supported by a team of dynamic hospitality experts who are poised for future growth. While we have a strong balance sheet, we felt we needed to add a tenacious equity partner in order to meet our ambitious growth targets for the next five years. “

Prem Group Chief Commercial Officer and Chief Financial Officer Stephen Loftus said: “Our growth plans are already well advanced. We are in advanced negotiations on several opportunities in our target markets for our Premier Suites serviced apartments and our limited service hotels. These agreements will complement Prem Group’s existing pipeline, which includes two “Express by Holiday Inn” hotels that will open in Belgium in 2023. ”

Cyril Courbage, Managing Director and Robert Miles, Managing Director, Fortress Investment Group added: “We are particularly excited to partner with them to grow their market leading serviced apartments business which we consider to be a resilient and rapidly institutionalizing market segment. We plan to invest significant additional capital in further acquisitions in this and other sectors in the UK, Ireland and mainland Europe.