INTERNATIONAL hospitality operator PREM Group has announced that it has acquired a new location in Scotland to add to its Premier Suites portfolio.
The Edinburgh property, currently known as Fountain Court, will now become the 16th location in the suites portfolio.
It comes after the Dublin-based PREM Group secured a major investment from funds managed by affiliates of Fortress Investment Group LLC in December 2021. The acquisition, for an undisclosed sum, is the first by the group following the Fortress investment.
The property is in a prime location, a five-minute walk from the Haymarket district and 20 minutes on foot from Princes Street. The location is described as “very attractive for both corporate and leisure guests who will find all the best retail, hospitality, and cultural experiences on their doorstep”.
PREM Group envisage a complete renovation and transformation of the property to the highest possible standards. The very latest in green technology will be incorporated into the building.
The first phase of the renovation should be completed by January 2023. Following the renovation, the property will join the group’s premium Premier Suites portfolio, comprising 1,300 rooms across the United Kingdom, Ireland, Belgium and the Netherlands.
Properties include one, two, or three-bedroom units and all come with a fully fitted kitchen, living room, bedroom and ensuite bathrooms. The accommodation is said to be suited to corporate guests who may be relocating for a medium to long term business contract or for leisure guests who are travelling with children.
Jim Murphy, chief executive of the PREM Group, said: “Our Premier Suites Plus properties offer medium and long term guests the opportunity to avail of all of the conveniences and luxuries of a hotel but with the conveniences of home.
“We are excited to add Edinburgh to our growing portfolio of PREMIER SUITES properties and are committed to growing and strengthening the Premier Suites brand in Europe.
“We are also very conscious of our carbon footprint and have engaged with various environmental advisors and specialists to ensure the renovation is in line with the highest possible international Environmental and Social Governance policies.”
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