Fortress Investment Group has bought a majority stake in hotel and serviced apartment management firm, PREM Group.
The financial details of the deal have not been disclosed.
Fortress acquired the shares in an off-market purchase of interests held by non-executive shareholders of PREM Group.
Fortress says it will now invest alongside the existing PREM Group management team to fund a plan to grow the company through the acquisition of freehold hotel and serviced apartment properties in the UK, Ireland and continental Europe.
"The investment by Fortress Investment Group will provide significant further capital for expansion, including into geographies such as Germany in which the group is not currently present," said Jim Murphy, CEO of PREM Group.
"Fortress recognise that we already have a strong regional presence across Europe underpinned by a team of dynamic hospitality experts who are primed for future growth."
"While we have a strong balance sheet, we believed that we needed to add a tenacious equity partner in order to achieve our ambitious growth targets for the next five years."
Set up in 1996, PREM Group leases, owns and manages 38 hotels and serviced apartment properties in Ireland, the UK, Belgium, and the Netherlands.
Fortress, which was founded in 1998, manages $53.9 billion of assets on behalf of approximately 1,800 institutional clients and private investors worldwide.
