New Departures
Hotel Acquisitions and Openings
Ireland
Marriott Ashbourne
The Marriott Ashbourne opened in April 2007 of this year. Situated in County Meath, the hotel
is a blend of sleek décor, creative services, and tranquil ambiance. The 148 rooms are spacious
with some equipped with balconies and additional space for families or larger groups.
There is also the Red Lounge Bar, Grill21 and Clann fitness centre. In addition to the above,
there is 9,000ft2 of meeting space accommodating up to 540 guests over 8 meeting rooms. The Kelly
family owns 1/3 of the hotel with partners John McCabe and John Walsh (both at 1/3 each). The hotel
is managed by Interstate. For information about Interstate, please see Appendix 2 PREM Group.
Lisloughrey Lodge
Lisloughrey Lodge opened in April 2007. As one of RQH’s Investment Properties, it’s located
on the shores of Lough Corrib near Cong, Co. Mayo. Next door to Ashford Castle, Lisloughrey is
close to both Galway and Connemara. It is a beautiful lakeside property with the tradition of a
fine country house, combined with the contemporary luxury & style of today.
Lisloughrey comprises 50 bedrooms and suites in a courtyard setting. Each room is designed in
their own unique way. The courtyard connects the rooms to the main house which has been beautifully
restored and contains the bar, restaurant, library and meeting rooms. Guests can also avail of the
Pavilion for weddings, parties and conferences. See Investment Properties for more details.
Tulfarris
In 2004, the Kelly family, together with some minority investors, acquired Tulfarris Hotel
& Golf Resort. Tulfarris is currently undergoing a major redevelopment programme. By its very
ambience and location, Tulfarris is the perfect destination for both active and respite breaks for
both family and business alike.
Located on the shores of Blessington Lakes in Co. Wicklow, Tulfarris is home to some of
Ireland’s most beautiful scenery. It’s this very scenery that inspired us to develop a centre of
education, health and wellbeing combining “best practice” horticultural techniques, organic
cuisine, environmental technology in action and a Medispa, combining conventional medicine with
clinically proven complementary therapies.
The 18th Century Manor House was recently restored offering 7 individually designed suites.
The hotel, comprising 10 two bed suites, 20 one bed suites and 20 double / twin rooms, is currently
being refurbished. We have planning to add a 52 bed 2-storey extension to the hotel (referred to as
North Wing) and a further 8 bedrooms and 8 one bed suites to the South Wing. Our Events Zone offers
state of the art facilities and amenities. The flexible function rooms accommodate groups as large
as 350 to smaller break-out meeting rooms for that more intimate session. Please see Investment
Properties - Summary for more details.
Tulfarris Hotel refurbishment will be complete in the last quarter of 2007. The North Wing is
scheduled to commence in 2008.
United Kingdom
Sheffield
June 2007 saw the addition of PREM Group’s second hotel in the UK, the Leopold
Hotel Sheffield. This brought the total number of hotel rooms operated in the UK by PREM to 189.
PREM Group is actively seeking to expand this business in 2007 using the Santana equity fund to
specifically invest in hotel properties in the UK. This has been done in association with Sorrento
Asset Management and has equity of £5m sterling. PREM Group has a 40% stake in this venture.
Liverpool
Following the completion of the 60 apartments in Eden Square this year,
Premier Apartments
will be moving its business from its current Hatton Garden location. The net result of this
move will be the addition of 20 apartments to the Premier Apartments portfolio in the UK bringing
the total number of apartments operated by PREM in the UK to 337 over 6 locations.
Northern Europe
In November 2006, PREM Group began managing two hotels located in the centre of Antwerp,
Belgium. These hotels are both trading under the Tulip Hotels brand. In April 2007, PREM Group
acquired the management contracts on two further properties in Belgium - The Ramada Plaza Antwerp
and the Bedford Hotel Liege. The addition of these hotels will bring the total number of hotels
operated by PREM in Northern Europe to four with a total of 569 rooms.
These hotels form part of a €400m investment in Northern Europe by PREM targeting Belgium,
Holland and Germany for expansion. Further results in this expansion programme will be announced in
2007.
Ramada Plaza Antwerp
This 4-star hotel comprises 215 bedrooms, one bar, one restaurant and extensive conference
facilities capable of catering for up to 550 delegates. Built in 1986 and renovated in 2002, the
property is located 10 minutes from Antwerp city centre on the outer ring road and has the added
benefit of being adjacent to the main road network leading into the city from Holland, Germany and
the coast.
Bedford Hotel Liege
Established twelve years ago, this 4-star hotel in Liege city centre comprises 149 bedrooms,
one bar, one restaurant and conference facilities catering for up to 250 delegates. Located on the
banks of the river Meuse this property maintains a large corporate and leisure client base.
Further announcements regarding PREM Group’s expansion into Northern Europe will be released
in the coming quarter.
Southern Europe
RQH, along with partners, is investigating the purchase of the Phoenecia Hotel in Malta. Set on 7 acres outside the historic walls of Valetta, the hotel has long been one of Malta’s leading hotels. The refurbished 1930s classic offers modern comfort and views of the Grand Harbour. This opportuntity also represents development potential as well as a strong operating business with Heuston Hospitality at the helm.
USA
Sarasota Bayside, Florida
Redquartz, through strong strategic partnerships and alliances, is developing
Sarasota Bayside, Florida into a
prestigious and enviable mix-use development of hotels, retail and residential opportunities.
In Quarter 1 of this year, Sarasota Bayside received unanimous approval for its site plan from
the City Commission. The plans encompass circa 1.5m square feet of useable/saleable space
comprising a trio of condominium towers containing 700 residences, a 175-room hotel, roughly
230,000 square feet of office, retail and restaurant space, and more than 1,500 parking spaces on
the 14.7 acre site.
Sarasota Bayside has the opportunity to become a waterfront community of the arts, fine
dining, luxury residences and top of the range shopping opportunities.
Ritz-Carlton
Redquartz is also investigating the integration of
The Ritz-Carlton
property to the development. The Ritz-Carlton is located on the north-east border of
Sarasota Bayside’s marina. A stylish and sophisticated blend of cosmopolitan hotel and beach
resort, The Ritz is a luxury landmark on Florida's Gulf coast. The Ritz Members Clubs include a
popular spa, beach club and golf club. IAMS is exploring avenues to link Bayside’s Tower 1 to The
Ritz property. As such, from a guest experience, the two properties would work as one.
IAMS was established in 2001 with a view to creating outstanding mix-use developments in the
USA. The team is lead by Paddy Kelly supported by John McCabe, John Walsh and other Irish
investors.
The Hyatt Hotel
Blackstone recently purchased the Hyatt
Hyatt Hotel
in Sarasota Quay for $65m with a plan to invest $17m in upgrades.
We are in preliminary discussions with Blackstone with a view to working towards integrating
Tower II, Sarasota Bayside and the Hyatt Hotel into a new more comprehensive development.
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