Date: May 2018
Location: Bath St/Georges Square, theatre-quarter, Glasgow, Scotland
Name: Premier Suites Plus Glasgow
No. of Keys: 24
Buyer: This is their second Premier Suites plus property. PREM Group now operates 11 properties in the UK. Premier Suites Plus Glasgow is the third property opened in UK by the group over the past two years.
The group currently operates 50 properties across Ireland, the UK, Belgium and the Netherlands. A further Premier Suites location in Antwerp, Belgium, is in final stages of refurbishment, opening in September, with an Amsterdam property opening in 2019.
Jim Murphy, chief executive of PREM Group, said: “Glasgow has reinvented itself to become one of the trendiest destinations in the UK and is on a clear successful growth strategy to grow its tourism and business sectors.
It boasts a rich cultural, creative art, theatre and music attracting 20 million tourism and business related visits each year.
An increase in demand in both the corporate and leisure markets has resulted in 2017 being a landmark year for growth in the overall UK accommodation sector to cater for increasing demand and this momentum is continuing with thousands of additional rooms entering the market and healthy forecasts of 76 per cent occupancy rates.”
“While Brexit has created some economic uncertainty, we remain confident in our sector and are continuing to invest significantly, with a number of further sites underway across the UK and Europe.
The extended stay sector is growing rapidly globally, with increasing numbers of travellers seeking a more flexible and spacious alternative to traditional hotel accommodation, without having to compromise on the comfort and facilities they associate with hotels.
THPT Comment: “We currently have 50 hotel and serviced apartment properties within the PREM Group portfolio and hope to increase this to 54 by the end of 2018,” added Murphy. This shows a very healthy growth since their inception in 1996.
First Seen: Serviced Apartment News