The Prem Group has bought a portfolio of three and four-star hotels under the Holiday Inn, Holiday Inn Express and Crowne Plaza brands in France and Belgium for about EUR 65 mln. Prem, the hospitality group of real estate developer Paddy Kelly, has acquired the nine assets in a joint venture with Goodbody Stockbrokers. The acquisition price was set at EUR 28 mln, plus the assumption of some EUR 35 of debt. The operation was financed by AIB Corporate Banking. The hotels, which are located in the cities of Hasselt, Mechelen, Antwerp, Ghent, Ostend and Calais, will be managed by Prem.
The Prem Group has bought a portfolio of three and four-star hotels under the Holiday Inn, Holiday Inn Express and Crowne Plaza brands in France and Belgium for about EUR 65 mln. Prem, the hospitality group of real estate developer Paddy Kelly, has acquired the nine assets in a joint venture with Goodbody Stockbrokers. The acquisition price was set at EUR 28 mln, plus the assumption of some EUR 35 of debt. The operation was financed by AIB Corporate Banking. The hotels, which are located in the cities of Hasselt, Mechelen, Antwerp, Ghent, Ostend and Calais, will be managed by Prem.
Last year, the company spent some EUR 100 mln on the purchase of four hotels in Belgium.