Aviva makes first venture into hospitality with Premier Suites Ballsbridge deal
Irish property fund Aviva last week acquired the 49-unit Premier Suites Plus Dublin Ballsbridge apart-hotel scheme in Dublin 4 for €17.5 million and is leasing it back to its previous owners, Prem Group, on a 35-year lease at a 5 per cent net initial yield.
Prem Group, a pan-European hotel owner-operator specialist, will continue to operate the apart-hotel under its Premier Suites brand.
The transaction represents the first sale and leaseback in the apart-hotel space in Ireland.
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