PREM Group, the hotels, serviced apartments and serviced management specialist, plans to invest £238m in the opening of new hotels in the UK and Ireland over the next five years.
In the UK it plans to open five hotels next year and up to five hotels per year.
In 2004, the group announced plans to manage 45 UK hotels and it has already opened its first, a Ramada at Birmingham East.
It will open its second UK hotel in early 2007 at the Leopold Square development in Sheffield.
The group currently operates 11 hotels in Ireland, of which four are Days Hotels opening this year at Dublin Airport, Kilkenny, Park West Dublin and Castlebar.
Its expansion will see at least seven more Irish hotels by 2009.
The hotels will be branded as part of the International Cendant Group, which includes Days Hotels.
PREM group says it is also on target to open three new serviced apartment complexes under its Premier Apartments brand at Dublin Airport, Galway and Sandyford.
The group presently operates and leases over 400 serviced apartments in Birmingham, Bristol, Dublin, Liverpool, Manchester, Nottingham and Newcastle.
It recently acquired 62 flats in Hatton Garden Tower from Liverpool developer Downing at a cost of around £10m. It was the largest property deal of its type in the city.
References: EGi News 11/04/06
