Prem Group, the Irish headquartered hotel operator behind the Premier Suites brand of serviced apartments, paid a more than €30 million dividend to its Jersey-registered shareholders in 2024 after what the directors described as a satisfactory performance.
Operating profits at Arago Investments, a holding company in the group, jumped by more than 10 per cent to €8.06 million in 2024, according to recently filed consolidated group accounts.
Turnover at Prem Group, most of which was derived from hotel income, rose by slightly more than 4 per cent to €78.3 million.
About 40 per cent of the group’s revenues came from hotel operations in the Republic, where it operates properties including the Osprey Hotel in Naas, Co Kildare and Cahernane House Hotel in Killarney, Co Kerry.
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It also operates serviced apartments in Dublin under its own Premier Suites brand.
The wider group, in which Fortress Investment Group acquired a majority stake in 2021, owns, leases and manages properties in Britain, Belgium, and sometimes in partnership with other international brands like Holiday Inn and Crowne Plaza.
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According to the latest filings, Arago paid a more than €30 million dividend to its shareholders last year. The company’s immediate parent entity is listed in its most recent annual return as a Jersey-registered entity linked to Fortress.
The group employed some 563 people in 2024, up from 553 in 2023, the accounts reveal.
In a report attached to the accounts, the directors said they were “satisfied” with Prem Group’s financial performance in 2024 and that “overall occupancy levels were as expected”.
Prem Group chief executive Jim Murphy, who could not be reached for comment on Friday, told The Irish Times in 2023 that he was actively looking for properties around the country in which to accommodate staff.
“If you want to attract and retain staff, you have to,” Mr Murphy said at the time, adding that taking away the “headache” of finding suitable accommodation can be a selling point to workers in a highly competitive market for talent in the hospitality sector, which has struggled to recruit workers in the aftermath of the Covid-19 pandemic.
