We advised Prem Group on the sale and leaseback of its previously owned aparthotel in Dublin Ballsbridge.
Prem Group, a specialised owner-operator of hotels and serviced apartments throughout Europe, had been previous owners of the property and have now leased the 49-unit Premier Suites Plus aprathotel complex from the Aviva Irish Property Fund on a 35-year lease at a 5.0% Net Initial Yield.
This is the first instance a sale and leaseback transaction within the aparthotel space has occurred in Ireland, and Prem Group will continue to operate the aparthotel under its Premier Suites brand.
The complex was significantly renovated in 2014 and is located in the in the lively area of Ballsbridge and near both the RDS and Aviva stadiums. It offers a range of premium suites including one and two bedroom suites, executive rooms and studios.