Singaporeans buy Tulfarris resort as hotel portfolio expands

The Singaporean owners of two of Ireland’s top resorts, Castlemartyr in Co Cork and Sheen Falls in Co Kerry, have purhased the  Tulfarris Hotel & Golf resort in Co Wicklow.

Dr Stanley Quek, who studied medicine at Trinity College Dublin, and Peng 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 yea.

It is believed they paid between €15 million and €20 million for the Prem Group property as they amass a portfolio of prestigious Irish hotels which could yet stretch across the border.

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.

During the pandemic Prem Group made use of state support measures that allowed it to claim €1.6 million in government grants for Tulfarris in 2021 and nearly €700,000 in 2020.

Prem Group, which owns, leases and manages 32 properties in Ireland, Britain, Belgium and the Netherlands, is now controlled by the US alternative asset manager Fortress Investment Group, which snapped up a majority stake in the organisation at the end of last year.