In November 2021, P Capital Partners IV provided a six-year EUR 52.5 million senior secured loan facility to international hospitality operator PREM Group. The transaction was done in conjunction with funds managed by affiliates of Fortress Investment Group LLC (“Fortress”) acquiring a majority stake in the business through an off-market acquisition of interests held by non-executive shareholders. Fortress will invest alongside the existing management team, who are reinvesting the majority of their equity interests, to implement an ambitious joint business plan to grow the company through the acquisition of freehold hotel and serviced apartment properties in the UK, Ireland and continental Europe. P Capital Partners has been a lender to PREM Group since 2015.
Established in 1996, the Dublin-headquartered PREM Group leases, owns and manages 38 hotels and serviced apartment properties in Ireland, the UK, Belgium, and the Netherlands. Its fifteen serviced apartment properties are operated under the group’s own PREMIER SUITES brand, which targets the corporate and extended stay market and has demonstrated resilience throughout the COVID period. PREM Group is also the parent company to several business units which include revenue management business RateWise, and digital marketing agency Sprint Digital.
Petter Björklén, Investment Director: “We are very happy to be able to continue the relationship with PREM and look forward working with the management team and Fortress in the coming years”.
November, 2021