Hotel chain the Prem Group plans to open 18 new hotels in Ireland and 50 in the UK as part of a 350m euro investment programme which will take place over the next five years.

The first phase will see new Days Hotel-branded sites opening at Dublin airport and in Castlebar, Galway City, Tullamore, Birmingham, Crewe, Manchester, Milton Keynes and Nottingham.

The hotels will be operated by Prem on behalf of the franchisee under licence agremeent with Cendant International.

Plans are also at an advanced stage for franchised hotels in a number of Irish locations including Tipperary, Waterford, Kerry and Dublin city centre.

This year, five hotels will open in Ireland with a further 10 in the UK. Prem’s UK expansion will be funded through a special purpose vehicle put together by Sorrento Asset Management.

Prem’s group managing director, Jim Murphy, said: “We are working to an ambitious timetable and Cendant have two acquisition staff employed full-time sourcing locations in Ireland and the UK.”