Singaporean Investors Expand Irish Portfolio
Dublin, Ireland: Singaporean investors have added to their portfolio of prestigious Irish hotels with the acquisition of a prime Prem Group property.
According to a report in The Times newspaper, Dr Stanley Quek and Peng Loh have paid between €15 million and €20 million for Tulfarris Hotel & Golf Resort in County Wicklow.
They already own two of Ireland’s most luxurious resorts, Castlemartyr in County Cork and Sheen Falls in County Kerry.
The Times said that Dr Quek, who studied medicine at Trinity College Dublin, and Loh, an Irish-born hotelier, completed the deal shortly before Christmas and are expected to significantly upgrade the four-star establishment, which slipped into the red last year, according to the most recent accounts for the business.
The 220-acre resort is a popular wedding and conference venue with a restored 18th-century manor house and championship golf course.
Jones Lang LaSalle acted as selling agents on the property but declined to comment on the sale.
In September, following the acquisition of Ring of Kerry golf course, Quek said that he and Loh intended to expand their interests and were focused on resorts near Dublin and on the west coast.
The Singaporean investors also own the Trinity Townhouse in Dublin and Library Street restaurant, led by Kevin Burke, the former head chef of Michelin-starred The Ninth London.
Prem Group, the Dublin-based hotel operator behind the Premier Suites brand of serviced apartments, bought Tulfarris in 2016 for €8 million.