Prem spends €130m on European hotels

The Prem Group, the hotel management business of property developer Paddy Kelly, has spent €65m buying nine hotels in Belgium and France, in a joint venture with Goodbody stockbrokers. The hotels, which are branded Holiday Inn, Holiday Inn Express and Crowne Plaza, are based in Hasselt, Mechelen, Antwerp, Ghent, Ostend and Calais.